Texas Pacific Land Corporation $TPL is Hodges Capital Management Inc.’s 5th Largest Position

Hodges Capital Management Inc. lifted its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 189.9% in the fourth quarter, Holdings Channel reports. The firm owned 104,267 shares of the financial services provider’s stock after purchasing an additional 68,297 shares during the period. Texas Pacific Land makes up about 2.6% of Hodges Capital Management Inc.’s investment portfolio, making the stock its 5th biggest position. Hodges Capital Management Inc.’s holdings in Texas Pacific Land were worth $29,948,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP acquired a new position in Texas Pacific Land during the 3rd quarter worth approximately $29,000. Silicon Valley Capital Partners acquired a new position in Texas Pacific Land during the 3rd quarter worth approximately $33,000. Triumph Capital Management acquired a new position in Texas Pacific Land during the 3rd quarter worth approximately $36,000. IMA Advisory Services Inc. lifted its position in Texas Pacific Land by 77.8% during the 3rd quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 21 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new position in Texas Pacific Land during the 3rd quarter worth approximately $46,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the transaction, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at $5,151,217.50. This represents a 19.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

TPL has been the topic of several recent research reports. Zacks Research lowered Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Finally, KeyCorp boosted their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Stock Down 1.4%

Shares of TPL opened at $376.68 on Thursday. The business’s 50 day moving average is $413.41 and its two-hundred day moving average is $394.21. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The firm has a market cap of $25.98 billion, a price-to-earnings ratio of 51.60 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, beating analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The company had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. On average, equities analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

About Texas Pacific Land

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.