Viking Fund Management LLC Grows Stake in Texas Pacific Land Corporation $TPL

Viking Fund Management LLC lifted its stake in Texas Pacific Land Corporation (NYSE:TPL) by 845.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,900 shares of the financial services provider’s stock after purchasing an additional 16,900 shares during the quarter. Viking Fund Management LLC’s holdings in Texas Pacific Land were worth $5,428,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of TPL. MassMutual Private Wealth & Trust FSB raised its holdings in Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after buying an additional 69 shares during the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land during the third quarter valued at approximately $29,000. CX Institutional bought a new stake in shares of Texas Pacific Land during the third quarter valued at approximately $30,000. Silicon Valley Capital Partners purchased a new position in Texas Pacific Land in the 3rd quarter worth approximately $33,000. Finally, Triumph Capital Management purchased a new position in Texas Pacific Land in the 3rd quarter worth approximately $36,000. Institutional investors own 59.94% of the company’s stock.

Insider Activity at Texas Pacific Land

In other Texas Pacific Land news, Director Donna E. Epps bought 895 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was bought at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the transaction, the director owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This represents a 44.18% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land Price Performance

NYSE TPL opened at $534.91 on Wednesday. The stock has a market capitalization of $36.88 billion, a price-to-earnings ratio of 76.67 and a beta of 0.83. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The business’s fifty day moving average price is $441.33 and its 200-day moving average price is $353.02.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, topping the consensus estimate of $1.73 by $0.06. The company had revenue of $211.60 million during the quarter, compared to analyst estimates 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 firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, March 2nd. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s payout ratio is currently 34.38%.

Analyst Upgrades and Downgrades

Several brokerages have commented on TPL. KeyCorp increased their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Zacks Research upgraded Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.