Summit Street Capital Management LLC Takes Position in Texas Pacific Land Corporation $TPL

Summit Street Capital Management LLC purchased a new position in Texas Pacific Land Corporation (NYSE:TPL) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 33,918 shares of the financial services provider’s stock, valued at approximately $14,844,000. Texas Pacific Land comprises about 2.1% of Summit Street Capital Management LLC’s investment portfolio, making the stock its 29th biggest holding.

A number of other hedge funds also recently bought and sold shares of the company. Bank of America Corp DE lifted its holdings in shares of Texas Pacific Land by 143.0% during the 1st quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider’s stock valued at $125,635,000 after buying an additional 155,781 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Texas Pacific Land by 200.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock valued at $2,714,000 after buying an additional 6,307 shares in the last quarter. New York State Teachers Retirement System boosted its position in shares of Texas Pacific Land by 184.1% in the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after purchasing an additional 25,170 shares during the period. Schwartz Investment Counsel Inc. increased its stake in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after buying an additional 321,683 shares in the last quarter. Finally, Comerica Bank grew its position in shares of Texas Pacific Land by 152.6% during the fourth quarter. Comerica Bank now owns 8,087 shares of the financial services provider’s stock worth $2,323,000 after purchasing an additional 4,886 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Texas Pacific Land currently has a consensus rating of “Hold” and a consensus target price of $639.00.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Trading Down 0.6%

Shares of TPL stock opened at $370.59 on Thursday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The stock’s 50-day moving average price is $388.87 and its 200-day moving average price is $424.13. The stock has a market capitalization of $25.56 billion, a price-to-earnings ratio of 47.23 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating analysts’ consensus estimates of $2.18 by $0.05. The company had revenue of $246.10 million during the quarter, compared to analyst estimates of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. As a group, research analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio is currently 30.57%.

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.