Pacific Heights Asset Management LLC Takes $258.21 Million Position in Texas Pacific Land Corporation $TPL

Pacific Heights Asset Management LLC bought a new stake in Texas Pacific Land Corporation (NYSE:TPL) during the second quarter, Holdings Channel.com reports. The fund bought 590,000 shares of the financial services provider’s stock, valued at approximately $258,208,000. Texas Pacific Land makes up about 8.2% of Pacific Heights Asset Management LLC’s portfolio, making the stock its largest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of Texas Pacific Land during the third quarter worth about $29,000. Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land during the third quarter worth approximately $33,000. Triumph Capital Management purchased a new stake in shares of Texas Pacific Land during the third quarter worth approximately $36,000. MUFG Securities EMEA plc acquired a new stake in shares of Texas Pacific Land during the second quarter worth $59,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 12 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Trading Up 0.0%

Shares of TPL stock opened at $369.45 on Friday. The company has a market cap of $25.48 billion, a price-to-earnings ratio of 47.08 and a beta of 0.60. The stock has a 50 day simple moving average of $389.16 and a 200-day simple moving average of $424.15. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20.

Texas Pacific Land (NYSE:TPL) last released 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 company had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. On average, equities analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio is currently 30.57%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on TPL shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. 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. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $639.00.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the sale, the chief financial officer owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. Company insiders own 6.90% of the company’s stock.

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.