Texas Pacific Land Corporation $TPL Position Raised by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 420.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 315,296 shares of the financial services provider’s stock after purchasing an additional 254,695 shares during the period. Goldman Sachs Group Inc. owned 0.46% of Texas Pacific Land worth $90,559,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bar Harbor Wealth Management raised its holdings in Texas Pacific Land by 195.1% during the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock worth $10,591,000 after purchasing an additional 24,379 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in shares of Texas Pacific Land by 212.9% in the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock valued at $5,231,000 after buying an additional 12,390 shares in the last quarter. Schwartz Investment Counsel Inc. increased its holdings in shares of Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after buying an additional 321,683 shares in the last quarter. New York State Teachers Retirement System increased its holdings 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 valued at $11,156,000 after buying an additional 25,170 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Texas Pacific Land by 192.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider’s stock valued at $38,410,000 after buying an additional 88,053 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. The trade was a 19.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Performance

NYSE TPL opened at $381.58 on Wednesday. The stock has a market capitalization of $26.32 billion, a P/E ratio of 52.27 and a beta of 0.61. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The business’s fifty day moving average is $415.23 and its two-hundred day moving average is $393.63.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping 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 firm had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $233.00 million. On average, research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land’s payout ratio is presently 32.88%.

Analyst Ratings Changes

TPL has been the topic of several research reports. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Zacks Research cut Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. Finally, KeyCorp upped their price target on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $639.00.

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.