1,780 Shares in Texas Pacific Land Corporation $TPL Acquired by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. purchased a new position in Texas Pacific Land Corporation (NYSE:TPL) during the fourth quarter, Holdings Channel.com reports. The fund purchased 1,780 shares of the financial services provider’s stock, valued at approximately $511,000.

A number of other hedge funds also recently modified their holdings of the stock. Archer Investment Corp raised its holdings in shares of Texas Pacific Land by 152.4% in the 4th quarter. Archer Investment Corp now owns 3,619 shares of the financial services provider’s stock worth $1,039,000 after purchasing an additional 2,185 shares during the period. Vest Financial LLC raised its holdings in shares of Texas Pacific Land by 864.7% in the 4th quarter. Vest Financial LLC now owns 8,210 shares of the financial services provider’s stock worth $2,358,000 after purchasing an additional 7,359 shares during the period. Wealthfront Advisers LLC raised its holdings in shares of Texas Pacific Land by 187.9% in the 4th quarter. Wealthfront Advisers LLC now owns 26,833 shares of the financial services provider’s stock worth $7,707,000 after purchasing an additional 17,514 shares during the period. Certuity LLC raised its holdings in shares of Texas Pacific Land by 194.3% in the 4th quarter. Certuity LLC now owns 3,220 shares of the financial services provider’s stock worth $925,000 after purchasing an additional 2,126 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Texas Pacific Land by 136.3% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 31,887 shares of the financial services provider’s stock worth $9,159,000 after purchasing an additional 18,395 shares during the period. Institutional investors own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

TPL has been the topic of a number of research reports. KeyCorp lifted their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock 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 report on Sunday, March 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a report on Friday, March 27th. Finally, Zacks Research raised shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $639.00.

Insiders Place Their Bets

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

Texas Pacific Land Price Performance

Shares of TPL stock opened at $443.78 on Friday. The company’s fifty day simple moving average is $481.54 and its two-hundred day simple moving average is $377.72. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock has a market capitalization of $30.59 billion, a price-to-earnings ratio of 63.61 and a beta of 0.76.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The business had revenue of $211.60 million for the quarter, compared to analysts’ expectations of $204.00 million. Equities research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Monday, March 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s payout ratio is presently 34.38%.

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.