Mountain Lake Investment Management LLC Invests $15.89 Million in Texas Pacific Land Co. (NYSE:TPL)

Mountain Lake Investment Management LLC purchased a new position in shares of Texas Pacific Land Co. (NYSE:TPL) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 10,000 shares of the financial services provider’s stock, valued at approximately $15,894,000. Texas Pacific Land makes up approximately 8.9% of Mountain Lake Investment Management LLC’s portfolio, making the stock its biggest position. Mountain Lake Investment Management LLC owned about 0.13% of Texas Pacific Land as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Managment Co. bought a new stake in shares of Texas Pacific Land during the 1st quarter worth about $25,000. Sowell Financial Services LLC bought a new stake in shares of Texas Pacific Land during the 1st quarter worth about $26,000. Edge Wealth Management LLC bought a new stake in Texas Pacific Land during the 1st quarter valued at approximately $40,000. Allred Capital Management LLC bought a new stake in Texas Pacific Land during the 1st quarter valued at approximately $49,000. Finally, Van ECK Associates Corp bought a new stake in Texas Pacific Land during the 1st quarter valued at approximately $64,000. Institutional investors own 55.25% of the company’s stock.

In related news, CEO Tyler Glover bought 27 shares of the company’s stock in a transaction dated Tuesday, May 25th. The stock was acquired at an average cost of $1,503.93 per share, with a total value of $40,606.11. Following the acquisition, the chief executive officer now owns 285 shares in the company, valued at approximately $428,620.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders bought 287 shares of company stock valued at $459,086. 0.92% of the stock is currently owned by insiders.

Shares of TPL stock traded down $26.04 during mid-day trading on Thursday, reaching $1,498.00. The stock had a trading volume of 158 shares, compared to its average volume of 54,669. The company has a 50 day moving average of $1,528.24. Texas Pacific Land Co. has a one year low of $427.69 and a one year high of $1,773.95. The company has a market capitalization of $11.62 billion, a price-to-earnings ratio of 70.07 and a beta of 2.20.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Thursday, May 6th. The financial services provider reported $6.45 EPS for the quarter, topping the Zacks’ consensus estimate of $5.77 by $0.68. Texas Pacific Land had a return on equity of 34.01% and a net margin of 58.70%. The company had revenue of $84.16 million during the quarter, compared to the consensus estimate of $75.22 million. Equities analysts forecast that Texas Pacific Land Co. will post 31.99 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 15th. Stockholders of record on Tuesday, June 8th were issued a $2.75 dividend. The ex-dividend date of this dividend was Monday, June 7th. This represents a $11.00 dividend on an annualized basis and a dividend yield of 0.73%. Texas Pacific Land’s payout ratio is presently 48.46%.

Several brokerages recently weighed in on TPL. BWS Financial increased their target price on Texas Pacific Land from $1,700.00 to $2,000.00 and gave the company a “buy” rating in a research note on Monday, May 10th. Zacks Investment Research upgraded Texas Pacific Land from a “hold” rating to a “buy” rating and set a $1,767.00 price objective for the company in a research report on Tuesday, March 30th. Finally, Stifel Nicolaus downgraded Texas Pacific Land from a “buy” rating to a “hold” rating and set a $1,359.00 price objective for the company. in a research report on Thursday, April 1st.

About Texas Pacific Land

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company's Land and Resource Management segment manages approximately 880,000 acres of land. This segment also holds oil and gas royalty interests; easements and commercial leases comprising easement contracts covering activities, such as oil and gas pipelines and subsurface wellbore easements; and agreements with operators and midstream companies to lease its land, primarily for facilities and roads.

Further Reading: Average Daily Trade Volume Explained

Institutional Ownership by Quarter for Texas Pacific Land (NYSE:TPL)

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