Malaga Cove Capital LLC Purchases 1,904 Shares of Texas Pacific Land Corporation $TPL

Malaga Cove Capital LLC increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 331.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,478 shares of the financial services provider’s stock after buying an additional 1,904 shares during the quarter. Malaga Cove Capital LLC’s holdings in Texas Pacific Land were worth $712,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Wellington Shields & Co. LLC grew its holdings in shares of Texas Pacific Land by 200.0% during the fourth quarter. Wellington Shields & Co. LLC now owns 927 shares of the financial services provider’s stock worth $266,000 after buying an additional 618 shares in the last quarter. Harbour Investments Inc. boosted its position in Texas Pacific Land by 202.5% during the fourth quarter. Harbour Investments Inc. now owns 853 shares of the financial services provider’s stock valued at $245,000 after purchasing an additional 571 shares during the last quarter. Allstate Corp boosted its position in Texas Pacific Land by 533.8% during the fourth quarter. Allstate Corp now owns 4,449 shares of the financial services provider’s stock valued at $1,278,000 after purchasing an additional 3,747 shares during the last quarter. Choate Investment Advisors boosted its position in Texas Pacific Land by 181.8% during the fourth quarter. Choate Investment Advisors now owns 2,085 shares of the financial services provider’s stock valued at $599,000 after purchasing an additional 1,345 shares during the last quarter. Finally, Westover Capital Advisors LLC boosted its position in Texas Pacific Land by 200.0% during the fourth quarter. Westover Capital Advisors LLC now owns 2,295 shares of the financial services provider’s stock valued at $659,000 after purchasing an additional 1,530 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. KeyCorp increased their price target on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Finally, Zacks Research raised Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $639.00.

Texas Pacific Land Stock Down 0.5%

TPL opened at $399.96 on Wednesday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The stock has a market cap of $27.59 billion, a price-to-earnings ratio of 54.79 and a beta of 0.66. The business has a 50 day moving average of $442.16 and a 200-day moving average of $388.96.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $233.00 million. As a group, analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders 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 (DPR) 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.