JGP Wealth Management LLC Takes $2.90 Million Position in Texas Pacific Land Corporation $TPL

JGP Wealth Management LLC acquired a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) during the fourth quarter, HoldingsChannel reports. The fund acquired 10,098 shares of the financial services provider’s stock, valued at approximately $2,900,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Quarry LP bought a new position in Texas Pacific Land during the third quarter valued at approximately $29,000. CX Institutional bought a new stake in shares of Texas Pacific Land in the 3rd quarter worth approximately $30,000. Silicon Valley Capital Partners bought a new stake in shares of Texas Pacific Land in the 3rd quarter worth approximately $33,000. Triumph Capital Management purchased a new stake in shares of Texas Pacific Land in the 3rd quarter valued at $36,000. Finally, Versant Capital Management Inc boosted its stake in shares of Texas Pacific Land by 75.0% in the 3rd quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Up 1.6%

Shares of TPL opened at $527.70 on Tuesday. The stock has a market capitalization of $36.38 billion, a P/E ratio of 75.64 and a beta of 0.82. The firm has a fifty day simple moving average of $437.06 and a two-hundred day simple moving average of $351.35. 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 released its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06. The firm had revenue of $211.60 million for the quarter, compared to analysts’ expectations of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%.

Texas Pacific Land Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a dividend of $0.60 per share. The ex-dividend date was Monday, March 2nd. This represents a $2.40 dividend on an annualized basis and a yield of 0.5%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s dividend payout ratio (DPR) is presently 34.38%.

Insider Buying and Selling

In other Texas Pacific Land news, Director Donna E. Epps acquired 895 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was acquired at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director 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 SEC, which is available at the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction that occurred 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 in the company, valued at approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Zacks Research raised Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 29th. Finally, KeyCorp boosted their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. One investment 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” 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.