Saudi Central Bank Purchases 1,939 Shares of Texas Pacific Land Corporation $TPL

Saudi Central Bank raised its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 89.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 4,102 shares of the financial services provider’s stock after purchasing an additional 1,939 shares during the period. Saudi Central Bank’s holdings in Texas Pacific Land were worth $1,795,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of TPL. Horizon Kinetics Asset Management LLC increased its stake in shares of Texas Pacific Land by 194.9% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after acquiring an additional 6,829,070 shares in the last quarter. State Street Corp lifted its holdings in shares of Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock valued at $1,030,259,000 after purchasing an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after purchasing an additional 1,179,788 shares in the last quarter. SoftVest Advisors LLC boosted its position in shares of Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after purchasing an additional 787,200 shares in the last quarter. Finally, First Manhattan CO. LLC. grew its stake in shares of Texas Pacific Land by 200.1% in the 4th quarter. First Manhattan CO. LLC. now owns 1,013,363 shares of the financial services provider’s stock worth $291,058,000 after buying an additional 675,682 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TPL. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Stock Performance

NYSE TPL opened at $382.39 on Wednesday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The stock has a 50-day moving average of $385.99 and a 200 day moving average of $421.44. The company has a market capitalization of $26.37 billion, a price-to-earnings ratio of 48.73 and a beta of 0.61.

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

Texas Pacific Land Dividend Announcement

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

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.