OMERS ADMINISTRATION Corp Invests $1.35 Million in Texas Pacific Land Corporation $TPL

OMERS ADMINISTRATION Corp bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 3,076 shares of the financial services provider’s stock, valued at approximately $1,346,000.

Other hedge funds also recently added to or reduced their stakes in the company. Horizon Kinetics Asset Management LLC raised its stake in Texas Pacific Land by 194.9% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock valued at $2,968,063,000 after buying an additional 6,829,070 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after acquiring an additional 4,975,738 shares during the last quarter. State Street Corp grew its stake in shares of Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after acquiring an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after acquiring an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC raised its position in shares of Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock valued at $339,149,000 after purchasing an additional 787,200 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TPL has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Texas Pacific Land presently has a consensus rating of “Hold” and an average target price of $639.00.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares of the company’s stock, valued at $4,819,973.20. This represents 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 owned by company insiders.

Texas Pacific Land Stock Down 0.6%

Shares of NYSE:TPL opened at $370.59 on Thursday. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The stock has a market cap of $25.56 billion, a price-to-earnings ratio of 47.23 and a beta of 0.60. The business has a 50-day moving average price of $388.87 and a 200-day moving average price of $424.13.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The firm had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. As a group, equities analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s payout ratio is presently 30.57%.

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.