Clearstead Advisors LLC Buys 3,118 Shares of Texas Pacific Land Corporation $TPL

Clearstead Advisors LLC grew its stake in Texas Pacific Land Corporation (NYSE:TPL) by 204.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 4,644 shares of the financial services provider’s stock after purchasing an additional 3,118 shares during the quarter. Clearstead Advisors LLC’s holdings in Texas Pacific Land were worth $1,334,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Quarry LP bought a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $29,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $33,000. Triumph Capital Management bought a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $36,000. IMA Advisory Services Inc. grew its holdings in shares of Texas Pacific Land by 77.8% in the 3rd quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 21 shares in the last quarter. Finally, Rothschild Investment LLC bought a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $46,000. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Up 1.6%

Shares of NYSE:TPL opened at $406.29 on Thursday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The stock has a market cap of $28.02 billion, a PE ratio of 55.66 and a beta of 0.66. The business has a 50 day moving average of $439.74 and a 200-day moving average of $389.45.

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

Texas Pacific Land Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.