Griffin Asset Management Inc. Takes Position in Texas Pacific Land Corporation $TPL

Griffin Asset Management Inc. acquired a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) during the 4th quarter, Holdings Channel.com reports. The firm acquired 1,930 shares of the financial services provider’s stock, valued at approximately $554,000.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after acquiring an additional 4,975,738 shares in the last quarter. Pacific Heights Asset Management LLC lifted its stake in Texas Pacific Land by 235.1% in the 4th quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider’s stock valued at $178,076,000 after acquiring an additional 435,000 shares in the last quarter. Schwartz Investment Counsel Inc. lifted its stake 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 acquiring an additional 321,683 shares in the last quarter. UBS Group AG lifted its stake in Texas Pacific Land by 232.4% in the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock valued at $130,982,000 after acquiring an additional 318,842 shares in the last quarter. Finally, Mad River Investors lifted its stake in Texas Pacific Land by 203.1% in the 4th quarter. Mad River Investors now owns 286,083 shares of the financial services provider’s stock valued at $82,169,000 after acquiring an additional 191,711 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Down 1.2%

NYSE:TPL opened at $397.60 on Friday. The firm has a market capitalization of $27.42 billion, a price-to-earnings ratio of 54.47 and a beta of 0.66. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The stock’s 50 day moving average price is $449.80 and its two-hundred day moving average price is $386.95.

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 for the quarter, topping the consensus estimate of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. As a group, analysts anticipate that Texas Pacific Land Corporation will post 9.27 earnings per share 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. Shareholders of record on Monday, June 1st will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is 32.88%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. KeyCorp boosted their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Finally, Zacks Research upgraded Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Moderate Buy” and an average target price of $639.00.

Insider Activity at Texas Pacific Land

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

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.