Essex Financial Services Inc. Raises Stock Position in Texas Pacific Land Corporation $TPL

Essex Financial Services Inc. boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 199.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,515 shares of the financial services provider’s stock after purchasing an additional 30,323 shares during the period. Texas Pacific Land makes up 0.7% of Essex Financial Services Inc.’s holdings, making the stock its 25th biggest holding. Essex Financial Services Inc.’s holdings in Texas Pacific Land were worth $13,073,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of TPL. Vanguard Group Inc. raised its stake in Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after purchasing an additional 4,975,738 shares during the period. Geode Capital Management LLC raised its stake in Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after purchasing an additional 1,179,788 shares during the period. Pacific Heights Asset Management LLC raised its stake in Texas Pacific Land by 235.1% during the fourth quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider’s stock worth $178,076,000 after purchasing an additional 435,000 shares during the period. Schwartz Investment Counsel Inc. raised its stake in Texas Pacific Land by 209.7% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after purchasing an additional 321,683 shares during the period. Finally, UBS Group AG raised its stake in Texas Pacific Land by 232.4% during the fourth quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock worth $130,982,000 after purchasing an additional 318,842 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $392.54 on Friday. The company’s 50 day simple moving average is $434.42 and its 200-day simple moving average is $389.99. The company has a market capitalization of $27.07 billion, a price-to-earnings ratio of 53.77 and a beta of 0.66. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Equities analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a $0.60 dividend. The ex-dividend date is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is 32.88%.

Analysts Set New Price Targets

TPL has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. KeyCorp boosted their price target on shares of 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 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Finally, Wall Street Zen raised 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 Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Texas Pacific Land has a consensus rating of “Moderate Buy” and an average price target 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.