Hsbc Holdings PLC Takes $51.13 Million Position in Texas Pacific Land Corporation $TPL

Hsbc Holdings PLC acquired a new stake in Texas Pacific Land Corporation (NYSE:TPL) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 117,052 shares of the financial services provider’s stock, valued at approximately $51,127,000. Hsbc Holdings PLC owned 0.17% of Texas Pacific Land as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in TPL. SIR Capital Management L.P. purchased a new position in Texas Pacific Land in the second quarter valued at about $4,902,000. Legal & General Group Plc purchased a new stake in shares of Texas Pacific Land during the 2nd quarter worth approximately $153,373,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Texas Pacific Land during the 2nd quarter worth approximately $12,949,000. Cibc World Market Inc. acquired a new stake in shares of Texas Pacific Land in the 2nd quarter worth approximately $1,038,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Texas Pacific Land in the 2nd quarter worth approximately $1,346,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer owned 12,040 shares of the company’s stock, valued at $4,819,973.20. This trade represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TPL. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. One 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. According to data from MarketBeat, Texas Pacific Land presently has a consensus rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Stock Performance

TPL stock opened at $370.59 on Thursday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock’s 50 day moving average price is $388.87 and its 200 day moving average price is $424.13. The firm has a market cap of $25.56 billion, a P/E ratio of 47.23 and a beta of 0.60.

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

Texas Pacific Land Announces Dividend

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