ProShare Advisors LLC Acquires 8,840 Shares of Texas Pacific Land Corporation $TPL

ProShare Advisors LLC increased its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 169.6% in the 4th quarter, Holdings Channel reports. The fund owned 14,053 shares of the financial services provider’s stock after buying an additional 8,840 shares during the quarter. ProShare Advisors LLC’s holdings in Texas Pacific Land were worth $4,036,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of TPL. MassMutual Private Wealth & Trust FSB increased its stake in shares of Texas Pacific Land by 363.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 69 shares in the last quarter. Quarry LP bought a new position in shares of Texas Pacific Land in the 3rd quarter worth about $29,000. Eagle Bay Advisors LLC bought a new position in shares of Texas Pacific Land in the 4th quarter worth about $31,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land in the 3rd quarter worth about $33,000. Finally, Triumph Capital Management bought a new position in shares of Texas Pacific Land in the 3rd quarter worth about $36,000. 59.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

TPL has been the subject of several research reports. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. KeyCorp raised their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Finally, Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $639.00.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $402.89 on Friday. The firm has a 50-day simple moving average of $447.36 and a two-hundred day simple moving average of $387.06. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The firm has a market cap of $27.79 billion, a P/E ratio of 55.19 and a beta of 0.66.

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

Texas Pacific Land Announces Dividend

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

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.