Swiss National Bank Raises Position in Texas Pacific Land Corporation $TPL

Swiss National Bank increased its stake in Texas Pacific Land Corporation (NYSE:TPL) by 7.1% during the first quarter, HoldingsChannel reports. The firm owned 171,973 shares of the financial services provider’s stock after acquiring an additional 11,440 shares during the period. Swiss National Bank’s holdings in Texas Pacific Land were worth $81,612,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of TPL. MassMutual Private Wealth & Trust FSB increased its position in Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after buying an additional 69 shares during the last quarter. Summit Securities Group LLC lifted its position in shares of Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after buying an additional 55 shares during the last quarter. IFP Advisors Inc grew its stake 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 worth $28,000 after acquiring an additional 63 shares during the period. Quarry LP bought a new position in shares of Texas Pacific Land during the 3rd quarter worth $29,000. Finally, Eagle Bay Advisors LLC purchased a new stake in Texas Pacific Land in the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

Shares of NYSE TPL opened at $417.77 on Wednesday. The stock has a market cap of $28.81 billion, a PE ratio of 57.23 and a beta of 0.58. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The stock has a fifty day moving average of $392.90 and a 200-day moving average of $414.59.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping 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 business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $233.00 million. On average, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio is currently 32.88%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Zacks Research cut Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 30th. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $639.00.

Insider Activity

In other news, CFO Chris Steddum sold 830 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

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.