Retirement Systems of Alabama Grows Position in Texas Pacific Land Corporation $TPL

Retirement Systems of Alabama lifted its stake in Texas Pacific Land Corporation (NYSE:TPL) by 199.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 12,321 shares of the financial services provider’s stock after buying an additional 8,202 shares during the quarter. Retirement Systems of Alabama’s holdings in Texas Pacific Land were worth $3,539,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TPL. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after buying an additional 69 shares in the last quarter. Quarry LP purchased a new position in shares of Texas Pacific Land in the third quarter worth $29,000. CX Institutional bought a new stake in Texas Pacific Land in the third quarter worth $30,000. Silicon Valley Capital Partners bought a new stake in Texas Pacific Land in the third quarter worth $33,000. Finally, Triumph Capital Management bought a new stake in Texas Pacific Land in the third quarter worth $36,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insiders Place Their Bets

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the transaction, the chief accounting officer owned 2,133 shares in the company, valued at $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Donna E. Epps purchased 895 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the acquisition, the director owned 2,921 shares of the company’s stock, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 6.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on TPL. KeyCorp boosted their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a research report on Friday, March 27th. Finally, 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. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Stock Performance

Shares of TPL opened at $448.59 on Tuesday. The company’s fifty day moving average is $466.15 and its 200 day moving average is $363.67. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The stock has a market capitalization of $30.93 billion, a PE ratio of 64.30 and a beta of 0.76.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The company had revenue of $211.60 million for the quarter, compared to analysts’ expectations of $204.00 million.

Texas Pacific Land Increases Dividend

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

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.