Texas Pacific Land Corporation $TPL Shares Purchased by Legacy Capital Wealth Partners LLC

Legacy Capital Wealth Partners LLC boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 207.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,273 shares of the financial services provider’s stock after acquiring an additional 1,533 shares during the quarter. Legacy Capital Wealth Partners LLC’s holdings in Texas Pacific Land were worth $653,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TPL. Vanguard Group Inc. lifted its position in shares of Texas Pacific Land by 7.9% during the third quarter. Vanguard Group Inc. now owns 2,581,228 shares of the financial services provider’s stock worth $2,409,938,000 after purchasing an additional 189,842 shares in the last quarter. State Street Corp boosted its stake in shares of Texas Pacific Land by 1.9% in the third quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock valued at $1,091,704,000 after purchasing an additional 22,296 shares during the period. Invesco Ltd. grew its holdings in shares of Texas Pacific Land by 3.4% in the third quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider’s stock valued at $265,070,000 after purchasing an additional 9,389 shares in the last quarter. Pacific Heights Asset Management LLC increased its stake in Texas Pacific Land by 12.1% during the 3rd quarter. Pacific Heights Asset Management LLC now owns 185,000 shares of the financial services provider’s stock worth $172,723,000 after buying an additional 20,000 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Texas Pacific Land by 13.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 147,557 shares of the financial services provider’s stock worth $137,747,000 after buying an additional 17,107 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Stock Up 1.1%

Shares of NYSE:TPL opened at $444.02 on Friday. The firm’s 50 day moving average price is $462.08 and its 200 day moving average price is $360.96. The stock has a market cap of $30.61 billion, a price-to-earnings ratio of 63.64 and a beta of 0.76. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, topping the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The company had revenue of $211.60 million during the quarter, compared to analysts’ expectations of $204.00 million.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a dividend of $0.60 per share. The ex-dividend date was Monday, March 2nd. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. Texas Pacific Land’s payout ratio is presently 34.38%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Friday, March 27th. Finally, KeyCorp increased their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $639.00.

Insider Buying and Selling at Texas Pacific Land

In other Texas Pacific Land news, Director Donna E. Epps bought 895 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The shares were purchased at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director directly owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This represents a 44.18% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the sale, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate 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.