Hartford Investment Management Co. Has $962,000 Position in Texas Pacific Land Corporation $TPL

Hartford Investment Management Co. boosted its position in Texas Pacific Land Corporation (NYSE:TPL) by 196.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,351 shares of the financial services provider’s stock after purchasing an additional 2,219 shares during the quarter. Hartford Investment Management Co.’s holdings in Texas Pacific Land were worth $962,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after purchasing an additional 4,975,738 shares during the period. State Street Corp boosted its stake in Texas Pacific Land by 1.9% in the 3rd quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock valued at $1,091,704,000 after purchasing an additional 22,296 shares during the period. Schwartz Investment Counsel Inc. boosted its stake in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after purchasing an additional 321,683 shares during the period. UBS Group AG boosted its stake in Texas Pacific Land by 232.4% in the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock valued at $130,982,000 after purchasing an additional 318,842 shares during the period. Finally, Invesco Ltd. boosted its stake in Texas Pacific Land by 3.4% in the 3rd quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider’s stock valued at $265,070,000 after purchasing an additional 9,389 shares during the period. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $385.55 on Friday. The stock has a fifty day moving average price of $460.34 and a 200-day moving average price of $384.02. The company has a market cap of $26.59 billion, a price-to-earnings ratio of 52.82 and a beta of 0.66. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Research analysts predict that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.60 dividend. The ex-dividend date is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is presently 32.88%.

Insider Activity at Texas Pacific Land

In other news, Director Donna E. Epps bought 895 shares of the company’s stock in a transaction dated 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 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the business’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 completion of the transaction, the chief accounting officer owned 2,133 shares of the company’s stock, valued at $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

TPL has been the subject of several recent research reports. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. KeyCorp boosted their price target 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 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $639.00.

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.