KLCM Advisors Inc. Acquires 24,476 Shares of Texas Pacific Land Corporation $TPL

KLCM Advisors Inc. boosted its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 488.2% in the fourth quarter, HoldingsChannel reports. The firm owned 29,490 shares of the financial services provider’s stock after purchasing an additional 24,476 shares during the period. KLCM Advisors Inc.’s holdings in Texas Pacific Land were worth $8,470,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP bought a new stake in Texas Pacific Land in the third quarter worth approximately $29,000. CX Institutional bought a new stake in Texas Pacific Land in the third quarter worth approximately $30,000. Silicon Valley Capital Partners bought a new stake in Texas Pacific Land in the third quarter worth approximately $33,000. Triumph Capital Management bought a new stake in Texas Pacific Land in the third quarter worth approximately $36,000. Finally, Versant Capital Management Inc increased its holdings in Texas Pacific Land by 75.0% in the third quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 18 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the sale, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Donna E. Epps purchased 895 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were bought at an average price of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director directly owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This represents a 44.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 6.90% of the company’s stock.

Analyst Upgrades and Downgrades

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

Texas Pacific Land Stock Up 2.3%

NYSE TPL opened at $403.34 on Tuesday. The business has a 50 day moving average price of $471.39 and a 200-day moving average price of $382.28. 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 $27.82 billion, a price-to-earnings ratio of 55.25 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. On average, equities research analysts anticipate that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, June 1st. This represents a $2.40 annualized dividend and a yield of 0.6%. Texas Pacific Land’s dividend payout ratio is 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.