Vivid Wealth Management LLC Grows Stake in Texas Pacific Land Corporation $TPL

Vivid Wealth Management LLC raised its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 45.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 6,965 shares of the financial services provider’s stock after buying an additional 2,181 shares during the quarter. Texas Pacific Land accounts for about 1.1% of Vivid Wealth Management LLC’s investment portfolio, making the stock its 27th largest holding. Vivid Wealth Management LLC’s holdings in Texas Pacific Land were worth $3,048,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Horizon Kinetics Asset Management LLC raised its holdings in shares of Texas Pacific Land by 194.9% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock valued at $2,968,063,000 after acquiring an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Texas Pacific Land by 192.8% in the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after acquiring an additional 4,975,738 shares in the last quarter. State Street Corp boosted its holdings in Texas Pacific Land by 206.8% in 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 acquiring an additional 2,417,705 shares in the last quarter. Geode Capital Management LLC increased its position in Texas Pacific Land by 203.7% during the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after purchasing an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC increased its position in Texas Pacific Land by 200.0% during the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock valued at $339,149,000 after purchasing an additional 787,200 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $639.00.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the transaction, the chief financial officer owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Performance

Shares of NYSE:TPL opened at $348.13 on Friday. The firm has a market capitalization of $24.01 billion, a P/E ratio of 44.37 and a beta of 0.60. The stock has a 50 day moving average price of $389.66 and a 200-day moving average price of $422.59. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20.

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

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 0.7%. Texas Pacific Land’s payout ratio is presently 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.