HighTower Advisors LLC Has $28.61 Million Holdings in Texas Pacific Land Corporation $TPL

HighTower Advisors LLC boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 214.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 99,611 shares of the financial services provider’s stock after acquiring an additional 67,980 shares during the period. HighTower Advisors LLC’s holdings in Texas Pacific Land were worth $28,610,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Texas Pacific Land by 192.8% in the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after purchasing an additional 4,975,738 shares in the last quarter. State Street Corp grew its holdings in shares of Texas Pacific Land by 1.9% during the third quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock worth $1,091,704,000 after buying an additional 22,296 shares in the last quarter. Pacific Heights Asset Management LLC raised its position in Texas Pacific Land by 235.1% in the 4th quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider’s stock valued at $178,076,000 after buying an additional 435,000 shares during the last quarter. Schwartz Investment Counsel Inc. raised its position in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after buying an additional 321,683 shares during the last quarter. Finally, UBS Group AG lifted its stake in Texas Pacific Land by 232.4% in the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock valued at $130,982,000 after acquiring an additional 318,842 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Activity at Texas Pacific Land

In other news, Director Donna E. Epps purchased 895 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was purchased at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the purchase, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. The trade was a 44.18% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $402.89 on Friday. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The company has a market cap of $27.79 billion, a P/E ratio of 55.19 and a beta of 0.66. The stock’s 50-day simple moving average is $447.36 and its 200 day simple moving average is $387.06.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. As a group, equities analysts predict that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 annualized dividend 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%.

Analyst Ratings Changes

A number of equities analysts have weighed in on TPL shares. Zacks Research raised Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. KeyCorp lifted their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Finally, Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $639.00.

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.