Westerkirk Capital Inc. Raises Stock Holdings in Texas Pacific Land Corporation $TPL

by · The Markets Daily

Westerkirk Capital Inc. lifted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 379.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 10,111 shares of the financial services provider’s stock after acquiring an additional 8,001 shares during the period. Westerkirk Capital Inc.’s holdings in Texas Pacific Land were worth $2,904,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bar Harbor Wealth Management increased its position in Texas Pacific Land by 195.1% in the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock worth $10,591,000 after buying an additional 24,379 shares during the last quarter. Stratos Wealth Partners LTD. increased its position in Texas Pacific Land by 212.9% in the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock worth $5,231,000 after buying an additional 12,390 shares during the last quarter. Schwartz Investment Counsel Inc. increased its position in Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after buying an additional 321,683 shares during the last quarter. New York State Teachers Retirement System increased its position in Texas Pacific Land by 184.1% in 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 buying an additional 25,170 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Texas Pacific Land by 192.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider’s stock worth $38,410,000 after buying an additional 88,053 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $397.28 on Tuesday. The firm has a market capitalization of $27.40 billion, a price-to-earnings ratio of 54.42 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. The stock has a fifty day moving average of $417.86 and a 200 day moving average of $393.07.

Texas Pacific Land (NYSE:TPL – Get Free Report) last posted its quarterly earnings data 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 company had revenue of $236.80 million during 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%. Equities 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 company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid 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 yield of 0.6%. Texas Pacific Land’s payout ratio is 32.88%.

Analysts Set New Price Targets

TPL has been the subject of a number of recent research reports. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. KeyCorp raised their target price on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Finally, Zacks Research downgraded Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $639.00.

View Our Latest Analysis on Texas Pacific Land

Texas Pacific Land Profile

(Free Report)

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.

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