SIR Capital Management L.P. Acquires Shares of 11,200 Texas Pacific Land Corporation $TPL

SIR Capital Management L.P. acquired a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 11,200 shares of the financial services provider’s stock, valued at approximately $4,902,000.

Other hedge funds also recently made changes to their positions in the company. Horizon Kinetics Asset Management LLC boosted its stake in Texas Pacific Land by 194.9% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after buying an additional 6,829,070 shares during the last quarter. Vanguard Group Inc. grew its stake in Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after buying an additional 4,975,738 shares during the period. State Street Corp boosted its position in Texas Pacific Land by 206.8% during the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after purchasing an additional 2,417,705 shares during the period. Geode Capital Management LLC boosted its position in shares of Texas Pacific Land by 203.7% in the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after buying an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC boosted its holdings in Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after acquiring an additional 787,200 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TPL. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $639.00.

Insider Activity

In related news, CFO Chris Steddum sold 830 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the transaction, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock opened at $373.28 on Tuesday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The firm’s 50-day simple moving average is $388.23 and its 200-day simple moving average is $423.77. The firm has a market cap of $25.75 billion, a PE ratio of 47.57 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. On average, equities analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s payout ratio is 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.