Kentucky Retirement Systems Buys 2,414 Shares of Texas Pacific Land Corporation $TPL

Kentucky Retirement Systems increased its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 200.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,621 shares of the financial services provider’s stock after acquiring an additional 2,414 shares during the period. Kentucky Retirement Systems’ holdings in Texas Pacific Land were worth $1,040,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bar Harbor Wealth Management raised its position in Texas Pacific Land by 195.1% in the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock valued at $10,591,000 after purchasing an additional 24,379 shares during the last quarter. Stratos Wealth Partners LTD. raised its position in Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock valued at $5,231,000 after purchasing an additional 12,390 shares during the last quarter. New York State Teachers Retirement System raised its position in Texas Pacific Land by 184.1% in the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock valued at $11,156,000 after purchasing an additional 25,170 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Texas Pacific Land by 192.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider’s stock valued at $38,410,000 after purchasing an additional 88,053 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. raised its position 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 last quarter. Institutional investors own 59.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on TPL shares. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Zacks Research upgraded Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Finally, KeyCorp lifted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. One investment 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, Texas Pacific Land currently has a consensus rating of “Moderate Buy” and an average price target of $639.00.

Texas Pacific Land Stock Performance

NYSE TPL opened at $392.54 on Monday. The stock has a fifty day moving average of $434.42 and a 200-day moving average of $390.40. The stock has a market capitalization of $27.07 billion, a P/E ratio of 53.77 and a beta of 0.61. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 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 EPS for the quarter, beating the consensus estimate of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Equities research analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share 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 paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is 32.88%.

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.