Swiss National Bank Lowers Stake in Texas Pacific Land Corporation $TPL

Swiss National Bank lowered its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 4.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,351 shares of the financial services provider’s stock after selling 2,800 shares during the period. Swiss National Bank’s holdings in Texas Pacific Land were worth $52,612,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Prudential Financial Inc. boosted its holdings in Texas Pacific Land by 8.8% in the second quarter. Prudential Financial Inc. now owns 10,966 shares of the financial services provider’s stock worth $11,584,000 after acquiring an additional 884 shares in the last quarter. Titleist Asset Management LLC raised its position in shares of Texas Pacific Land by 262.4% in the 2nd quarter. Titleist Asset Management LLC now owns 1,573 shares of the financial services provider’s stock worth $1,662,000 after purchasing an additional 1,139 shares during the last quarter. Westerkirk Capital Inc. bought a new position in Texas Pacific Land in the 2nd quarter worth about $2,229,000. Dimensional Fund Advisors LP grew its position in Texas Pacific Land by 13.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 147,557 shares of the financial services provider’s stock valued at $137,747,000 after purchasing an additional 17,107 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Texas Pacific Land by 0.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 184,205 shares of the financial services provider’s stock valued at $194,592,000 after purchasing an additional 720 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

Insider Activity at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 1,608 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was 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 the SEC website. Also, Director Donna E. Epps bought 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The shares were acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director owned 2,921 shares of the company’s stock, valued at $1,491,024.45. The trade was a 44.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 6.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TPL. Zacks Research raised shares of Texas Pacific Land to a “hold” rating in a report on Wednesday, December 3rd. Wall Street Zen lowered shares of Texas Pacific Land from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. KeyCorp upped their price objective 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. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 29th. One equities research 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 MarketBeat, Texas Pacific Land has an average rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $530.29 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The stock has a fifty day moving average of $404.95 and a 200 day moving average of $339.96. The stock has a market cap of $36.56 billion, a PE ratio of 76.01 and a beta of 0.83.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.06. The business had revenue of $211.60 million for the quarter, compared to analysts’ expectations of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

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