Rockland Trust Co. Has $701,000 Stock Holdings in Texas Pacific Land Corporation $TPL

Rockland Trust Co. raised its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 231.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,439 shares of the financial services provider’s stock after buying an additional 1,704 shares during the period. Rockland Trust Co.’s holdings in Texas Pacific Land were worth $701,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in TPL. Spirit of America Management Corp NY lifted its position in Texas Pacific Land by 181.4% in the 4th quarter. Spirit of America Management Corp NY now owns 6,345 shares of the financial services provider’s stock valued at $1,822,000 after acquiring an additional 4,090 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Texas Pacific Land by 192.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,439 shares of the financial services provider’s stock worth $727,000 after purchasing an additional 1,605 shares in the last quarter. Retirement Systems of Alabama raised its stake in shares of Texas Pacific Land by 199.1% in the fourth quarter. Retirement Systems of Alabama now owns 12,321 shares of the financial services provider’s stock worth $3,539,000 after purchasing an additional 8,202 shares during the last quarter. MOR Wealth Management LLC purchased a new stake in shares of Texas Pacific Land in the fourth quarter worth approximately $3,859,000. Finally, Stegent Equity Advisors Inc. lifted its holdings in shares of Texas Pacific Land by 199.0% in the fourth quarter. Stegent Equity Advisors Inc. now owns 4,243 shares of the financial services provider’s stock valued at $1,219,000 after purchasing an additional 2,824 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. The trade was a 42.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Donna E. Epps purchased 895 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was bought at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the acquisition, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. The trade was a 44.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Down 7.5%

Texas Pacific Land stock opened at $438.96 on Thursday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The company’s 50 day moving average price is $460.12 and its two-hundred day moving average price is $360.38. The stock has a market cap of $30.26 billion, a P/E ratio of 62.92 and a beta of 0.76.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.06. The company had revenue of $211.60 million during the quarter, compared to analyst estimates of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a $0.60 dividend. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, March 2nd. This represents a $2.40 dividend on an annualized basis and a yield of 0.5%. Texas Pacific Land’s dividend payout ratio is currently 34.38%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TPL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Friday, March 27th. KeyCorp raised their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Zacks Research raised shares of Texas Pacific Land to a “hold” rating in a report on Wednesday, December 3rd. Finally, Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Texas Pacific Land has a consensus rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Profile

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.