Tocqueville Asset Management L.P. Takes $35.50 Million Position in Texas Pacific Land Corporation $TPL

Tocqueville Asset Management L.P. acquired a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 81,123 shares of the financial services provider’s stock, valued at approximately $35,503,000. Tocqueville Asset Management L.P. owned approximately 0.12% of Texas Pacific Land at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Summit Securities Group LLC raised its stake in shares of Texas Pacific Land by 171.9% during the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 55 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 63 shares in the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land in the 3rd quarter valued at $29,000. Los Angeles Capital Management LLC bought a new position in shares of Texas Pacific Land during the 4th quarter valued at $31,000. Finally, Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at $33,000. Institutional investors own 59.94% of the company’s stock.

Insider Buying and Selling

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer owned 12,870 shares of the company’s stock, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.

Analysts Set New Price Targets

TPL has been the topic of a number of analyst reports. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research 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 investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $373.12 on Thursday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The stock’s 50 day simple moving average is $387.94 and its two-hundred day simple moving average is $423.04. The stock has a market cap of $25.73 billion, a price-to-earnings ratio of 47.55 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.05. The firm had revenue of $246.10 million during 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, analysts predict 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 Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s dividend payout ratio is 30.57%.

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.