Watchman Group Inc. Grows Position in Texas Pacific Land Corporation $TPL

Watchman Group Inc. increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 3,079.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,584 shares of the financial services provider’s stock after purchasing an additional 8,314 shares during the period. Watchman Group Inc.’s holdings in Texas Pacific Land were worth $2,465,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TPL. MassMutual Private Wealth & Trust FSB lifted its holdings in Texas Pacific Land by 363.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock valued at $25,000 after buying an additional 69 shares in the last quarter. Quarry LP bought a new stake in Texas Pacific Land during the 3rd quarter valued at about $29,000. Eagle Bay Advisors LLC bought a new stake in Texas Pacific Land during the 4th quarter valued at about $31,000. Silicon Valley Capital Partners bought a new stake in Texas Pacific Land during the 3rd quarter valued at about $33,000. Finally, Triumph Capital Management bought a new stake in Texas Pacific Land during the 3rd quarter valued at about $36,000. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $386.78 on Tuesday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The firm has a market cap of $26.68 billion, a P/E ratio of 52.98 and a beta of 0.66. The firm has a 50-day simple moving average of $457.63 and a 200-day simple moving average of $385.11.

Texas Pacific Land (NYSE:TPL) last posted 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. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. On average, research analysts predict that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.60 dividend. The ex-dividend date is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is currently 32.88%.

Insider Activity

In other news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Donna E. Epps acquired 895 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was purchased at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the transaction, the director owned 2,921 shares in the company, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 6.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TPL. KeyCorp lifted their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report 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. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. One investment 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 assigned a Sell rating to the stock. According to MarketBeat, Texas Pacific Land currently has an average rating of “Moderate Buy” and an average price target of $639.00.

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.