Texas Pacific Land Corporation $TPL Shares Bought by Flputnam Investment Management Co.

Flputnam Investment Management Co. increased its position in Texas Pacific Land Corporation (NYSE:TPL) by 129.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,569 shares of the financial services provider’s stock after buying an additional 7,665 shares during the period. Flputnam Investment Management Co.’s holdings in Texas Pacific Land were worth $5,938,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Horizon Kinetics Asset Management LLC boosted its position in shares of Texas Pacific Land by 194.9% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after acquiring an additional 6,829,070 shares during the last quarter. State Street Corp increased its position in Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after purchasing an additional 2,417,705 shares during the last quarter. 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. SoftVest Advisors LLC raised its stake in Texas Pacific Land by 200.0% during the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after purchasing an additional 787,200 shares during the period. Finally, First Manhattan CO. LLC. boosted its holdings in shares of Texas Pacific Land by 200.1% in the 4th quarter. First Manhattan CO. LLC. now owns 1,013,363 shares of the financial services provider’s stock valued at $291,058,000 after purchasing an additional 675,682 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the company’s 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 completion of the transaction, the chief financial officer owned 12,040 shares in the company, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Trading Down 0.0%

Shares of TPL opened at $364.29 on Monday. 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 $25.13 billion, a price-to-earnings ratio of 46.43 and a beta of 0.60. The stock has a 50 day moving average of $389.35 and a 200-day moving average of $424.08.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.05. The business had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. On average, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 0.7%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.57%.

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.