Cibc World Market Inc. Makes New $1.04 Million Investment in Texas Pacific Land Corporation $TPL

Cibc World Market Inc. purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,371 shares of the financial services provider’s stock, valued at approximately $1,038,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in TPL. Bank of America Corp DE raised its stake in Texas Pacific Land by 143.0% during the first quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider’s stock worth $125,635,000 after purchasing an additional 155,781 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Texas Pacific Land by 200.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock valued at $2,714,000 after buying an additional 6,307 shares during the period. New York State Teachers Retirement System increased its holdings in shares of Texas Pacific Land by 184.1% during the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after buying an additional 25,170 shares during the last quarter. Schwartz Investment Counsel Inc. increased its holdings in shares of Texas Pacific Land by 209.7% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after buying an additional 321,683 shares during the last quarter. Finally, Comerica Bank raised its position in shares of Texas Pacific Land by 152.6% in the 4th quarter. Comerica Bank now owns 8,087 shares of the financial services provider’s stock worth $2,323,000 after buying an additional 4,886 shares during the period. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on TPL shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. One equities 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 company’s stock. Based on data from MarketBeat, Texas Pacific Land currently has an average rating of “Hold” and a consensus price target of $639.00.

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction 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 sale, the chief financial officer directly owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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

NYSE TPL opened at $369.45 on Friday. The firm has a market capitalization of $25.48 billion, a price-to-earnings ratio of 47.08 and a beta of 0.60. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company’s 50 day moving average price is $389.16 and its 200 day moving average price is $424.15.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data 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. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The company had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. Sell-side 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 announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is presently 30.57%.

Texas Pacific Land 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.