Legacy Capital Wealth Partners LLC Grows Stock Holdings in Texas Pacific Land Corporation $TPL

Legacy Capital Wealth Partners LLC lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 207.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,273 shares of the financial services provider’s stock after purchasing an additional 1,533 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Texas Pacific Land were worth $653,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Citizens Financial Group Inc. RI lifted its position in Texas Pacific Land by 1.7% during the third quarter. Citizens Financial Group Inc. RI now owns 704 shares of the financial services provider’s stock worth $657,000 after buying an additional 12 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after buying an additional 12 shares in the last quarter. PFG Investments LLC increased its stake in shares of Texas Pacific Land by 3.6% in the 3rd quarter. PFG Investments LLC now owns 373 shares of the financial services provider’s stock worth $348,000 after acquiring an additional 13 shares during the last quarter. Truist Financial Corp increased its stake in shares of Texas Pacific Land by 0.6% in the 3rd quarter. Truist Financial Corp now owns 2,195 shares of the financial services provider’s stock worth $2,050,000 after acquiring an additional 14 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of Texas Pacific Land by 9.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 168 shares of the financial services provider’s stock worth $160,000 after acquiring an additional 14 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Stock Up 1.1%

Shares of Texas Pacific Land stock opened at $444.02 on Friday. The firm has a market cap of $30.61 billion, a PE ratio of 63.64 and a beta of 0.76. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The business’s fifty day simple moving average is $462.08 and its 200-day simple moving average is $360.96.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.06. The firm had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a dividend of $0.60 per share. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, March 2nd. Texas Pacific Land’s dividend payout ratio (DPR) is 34.38%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research note on Friday, March 27th. Finally, KeyCorp boosted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Texas Pacific Land currently has a consensus rating of “Hold” and a consensus target price of $639.00.

Insider Buying and Selling

In related news, Director Donna E. Epps acquired 895 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director owned 2,921 shares in the company, valued at $1,491,024.45. The trade was a 44.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at $1,072,899. The trade was a 42.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.90% of the stock is currently owned by insiders.

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.