Patten & Patten Inc. TN Boosts Stake in Texas Pacific Land Corporation $TPL

Patten & Patten Inc. TN increased its position in Texas Pacific Land Corporation (NYSE:TPL) by 199.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,741 shares of the financial services provider’s stock after purchasing an additional 1,827 shares during the quarter. Patten & Patten Inc. TN’s holdings in Texas Pacific Land were worth $787,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Quarry LP purchased a new stake in Texas Pacific Land in the third quarter worth $29,000. CX Institutional bought a new position in Texas Pacific Land in the third quarter worth $30,000. Silicon Valley Capital Partners purchased a new position in Texas Pacific Land during the third quarter valued at $33,000. Triumph Capital Management purchased a new position in Texas Pacific Land during the third quarter valued at $36,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Texas Pacific Land by 75.0% during the 3rd quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider’s stock valued at $39,000 after buying 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 Texas Pacific Land stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction that occurred on Wednesday, February 25th. The shares were purchased at an average price of $510.45 per share, with a total value of $456,852.75. Following the transaction, 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.

Texas Pacific Land Stock Down 1.2%

TPL opened at $394.49 on Friday. The stock has a market capitalization of $27.21 billion, a price-to-earnings ratio of 54.04 and a beta of 0.66. The firm has a 50 day moving average price of $475.88 and a 200-day moving average price of $381.04. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20.

Texas Pacific Land (NYSE:TPL) last issued its 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 net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million for 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid 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 is Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is 34.38%.

Analyst Upgrades and Downgrades

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