Horizon Kinetics Asset Management LLC Raises Position in Texas Pacific Land Corporation $TPL

Horizon Kinetics Asset Management LLC raised its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 194.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,333,762 shares of the financial services provider’s stock after acquiring an additional 6,829,070 shares during the quarter. Texas Pacific Land comprises approximately 40.1% of Horizon Kinetics Asset Management LLC’s portfolio, making the stock its biggest holding. Horizon Kinetics Asset Management LLC owned approximately 0.15% of Texas Pacific Land worth $2,968,063,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its position in shares of Texas Pacific Land by 363.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 69 shares in the last quarter. IFP Advisors Inc grew its position in shares of Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 63 shares in the last quarter. Quarry LP purchased a new position in shares of Texas Pacific Land during the 3rd quarter valued at $29,000. Eagle Bay Advisors LLC purchased a new position in shares of Texas Pacific Land during the 4th quarter valued at $31,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Texas Pacific Land during the 4th quarter valued at $31,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Wall Street Analysts Forecast Growth

TPL has been the subject of a number of recent analyst reports. Zacks Research lowered shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 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 report on Monday, February 23rd. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Texas Pacific Land currently has a consensus rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Stock Performance

Shares of NYSE:TPL opened at $381.58 on Wednesday. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The firm has a fifty day moving average of $415.23 and a 200 day moving average of $393.63. The firm has a market capitalization of $26.32 billion, a PE ratio of 52.27 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. On average, sell-side analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

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

Texas Pacific Land Company 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.