18,820 Shares in Texas Pacific Land Corporation $TPL Acquired by Aventail Capital Group LP

Aventail Capital Group LP acquired a new position in Texas Pacific Land Corporation (NYSE:TPL) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 18,820 shares of the financial services provider’s stock, valued at approximately $5,405,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Horizon Kinetics Asset Management LLC boosted its stake in 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 purchasing an additional 6,829,070 shares during the period. Vanguard Group Inc. boosted its stake in Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after purchasing an additional 4,975,738 shares during the period. State Street Corp boosted its stake in Texas Pacific Land by 206.8% in the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after purchasing an additional 2,417,705 shares during the period. Geode Capital Management LLC boosted its stake in 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 during the period. Finally, SoftVest Advisors LLC boosted its stake in 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 during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Activity

In other news, CFO Chris Steddum sold 3,170 shares of the business’s stock in a transaction dated 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 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 can be accessed through the SEC website. 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 Trading Down 0.4%

Texas Pacific Land stock opened at $354.75 on Thursday. The company has a market capitalization of $24.47 billion, a P/E ratio of 48.60 and a beta of 0.61. The firm’s fifty day simple moving average is $404.86 and its 200-day simple moving average is $396.79. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS 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 the consensus estimate of $233.00 million. On average, equities research analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land’s payout ratio is presently 32.88%.

Wall Street Analyst Weigh In

TPL has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. KeyCorp raised their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Finally, Zacks Research downgraded shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.