Gateway Investment Advisers LLC Grows Stock Holdings in Texas Pacific Land Corporation $TPL

Gateway Investment Advisers LLC lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 338.8% during the 4th quarter, HoldingsChannel reports. The firm owned 4,120 shares of the financial services provider’s stock after purchasing an additional 3,181 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Texas Pacific Land were worth $1,183,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Praxis Investment Management Inc. increased its holdings in shares of Texas Pacific Land by 383.1% in the fourth quarter. Praxis Investment Management Inc. now owns 2,802 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 2,222 shares during the last quarter. Encompass More Asset Management lifted its position in Texas Pacific Land by 200.0% during the fourth quarter. Encompass More Asset Management now owns 2,025 shares of the financial services provider’s stock worth $582,000 after buying an additional 1,350 shares in the last quarter. RFG Advisory LLC boosted its stake in Texas Pacific Land by 204.3% during the fourth quarter. RFG Advisory LLC now owns 843 shares of the financial services provider’s stock worth $242,000 after buying an additional 566 shares during the last quarter. Stevens Capital Management LP acquired a new position in Texas Pacific Land during the fourth quarter worth $380,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Texas Pacific Land by 225.6% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 122,658 shares of the financial services provider’s stock valued at $36,548,000 after buying an additional 84,988 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TPL has been the subject of a number of recent research reports. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. Finally, KeyCorp lifted their target price 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. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Texas Pacific Land presently has an average rating of “Moderate Buy” and an average price target of $639.00.

Texas Pacific Land Stock Down 1.2%

TPL stock opened at $394.49 on Friday. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The stock has a market cap of $27.21 billion, a price-to-earnings ratio of 54.04 and a beta of 0.66. The business has a fifty day moving average of $475.88 and a two-hundred day moving average of $381.04.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $2.03 by $0.04. The business had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. As a group, sell-side analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s dividend payout ratio is presently 34.38%.

Insider Activity

In related news, Director Donna E. Epps bought 895 shares of the stock in a transaction on Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the purchase, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. This represents a 44.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction dated 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 approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 6.90% of the company’s stock.

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.