Pacific Heights Asset Management LLC Acquires New Position in Texas Pacific Land Corporation $TPL

Pacific Heights Asset Management LLC bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 590,000 shares of the financial services provider’s stock, valued at approximately $258,208,000. Texas Pacific Land accounts for about 8.2% of Pacific Heights Asset Management LLC’s holdings, making the stock its largest position. Pacific Heights Asset Management LLC owned about 0.86% of Texas Pacific Land at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Summit Securities Group LLC increased its position in shares of Texas Pacific Land by 171.9% during the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 55 shares during the period. IFP Advisors Inc boosted its holdings in Texas Pacific Land by 185.3% in the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 63 shares during the period. Quarry LP acquired a new position in Texas Pacific Land during the 3rd quarter worth $29,000. Los Angeles Capital Management LLC acquired a new position in Texas Pacific Land during the 4th quarter worth $31,000. Finally, Silicon Valley Capital Partners purchased a new stake in Texas Pacific Land during the 3rd quarter worth about $33,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Trading Up 0.0%

Texas Pacific Land stock opened at $369.45 on Friday. The stock has a market cap of $25.48 billion, a P/E ratio of 47.08 and a beta of 0.60. The company has a fifty day simple moving average of $389.16 and a 200-day simple moving average of $424.15. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20.

Texas Pacific Land (NYSE:TPL) last issued its 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 net margin of 60.32% and a return on equity of 35.76%. The firm had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. As a group, sell-side analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio is currently 30.57%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TPL shares. Zacks Research raised Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Wednesday, July 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $639.00.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the transaction, the chief financial officer owned 12,870 shares in the company, valued at approximately $5,151,217.50. This represents a 19.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

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.