Westerkirk Capital Inc. Makes New Investment in Texas Pacific Land Corporation $TPL

Westerkirk Capital Inc. purchased a new position in Texas Pacific Land Corporation (NYSE:TPL) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,110 shares of the financial services provider’s stock, valued at approximately $2,229,000.

Other large investors have also recently made changes to their positions in the company. Hemington Wealth Management lifted its holdings in shares of Texas Pacific Land by 66.7% during the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 8 shares during the period. Zions Bancorporation National Association UT acquired a new position in Texas Pacific Land in the 1st quarter worth approximately $28,000. Assetmark Inc. raised its position in Texas Pacific Land by 50.0% during the 1st quarter. Assetmark Inc. now owns 39 shares of the financial services provider’s stock worth $52,000 after buying an additional 13 shares during the last quarter. SBI Securities Co. Ltd. raised its position in Texas Pacific Land by 5,100.0% during the 2nd quarter. SBI Securities Co. Ltd. now owns 52 shares of the financial services provider’s stock worth $55,000 after buying an additional 51 shares during the last quarter. Finally, SVB Wealth LLC acquired a new stake in Texas Pacific Land during the 1st quarter valued at approximately $61,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Price Performance

TPL opened at $855.49 on Tuesday. The company’s 50 day simple moving average is $931.74 and its two-hundred day simple moving average is $989.25. Texas Pacific Land Corporation has a 1-year low of $838.27 and a 1-year high of $1,610.96. The firm has a market capitalization of $19.66 billion, a price-to-earnings ratio of 42.65 and a beta of 1.12.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share for the quarter, missing the consensus estimate of $5.77 by ($0.50). The firm had revenue of $203.10 million during the quarter, compared to analysts’ expectations of $175.00 million. Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a dividend of $1.60 per share. The ex-dividend date is Monday, December 1st. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.92%.

Wall Street Analysts Forecast Growth

TPL has been the subject of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, November 24th. Tudor Pickering upgraded Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. Finally, KeyCorp set a $1,050.00 price objective on Texas Pacific Land and gave the stock an “overweight” rating in a research report on Monday. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $1,050.00.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.