IFS Group LLC Invests $3.03 Million in Texas Pacific Land Corporation $TPL

IFS Group LLC purchased a new stake in Texas Pacific Land Corporation (NYSE:TPL) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,390 shares of the financial services provider’s stock, valued at approximately $3,032,000. Texas Pacific Land accounts for about 2.7% of IFS Group LLC’s holdings, making the stock its 4th largest holding.

Other institutional investors also recently bought and sold shares of the company. Bar Harbor Wealth Management grew its stake in shares of 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 period. Stratos Wealth Partners LTD. boosted its stake 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 buying an additional 12,390 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Texas Pacific Land by 200.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock valued at $2,714,000 after acquiring an additional 6,307 shares during the period. New York State Teachers Retirement System raised its stake in Texas Pacific Land by 184.1% during the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after acquiring an additional 25,170 shares in the last quarter. Finally, Schwartz Investment Counsel Inc. raised its stake in Texas Pacific Land by 209.7% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after acquiring an additional 321,683 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on TPL. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Zacks Research downgraded shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Texas Pacific Land currently has an average rating of “Reduce” and an average target price of $639.00.

Insider Activity at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction on Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the sale, the chief financial officer owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Texas Pacific Land Stock Performance

NYSE TPL opened at $389.97 on Wednesday. The stock has a market capitalization of $26.90 billion, a P/E ratio of 53.42 and a beta of 0.58. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The stock has a fifty day moving average of $395.35 and a 200-day moving average of $418.87.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.04. The business had revenue of $236.80 million for 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 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were 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 was Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is 32.88%.

About Texas Pacific Land

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.