Resona Asset Management Co. Ltd. Has $5.21 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Resona Asset Management Co. Ltd. grew its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 187.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 18,066 shares of the financial services provider’s stock after acquiring an additional 11,791 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Texas Pacific Land were worth $5,211,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Capstone Capital Management Ltd acquired a new position in shares of Texas Pacific Land in the 4th quarter valued at $1,041,000. ProShare Advisors LLC raised its stake in shares of Texas Pacific Land by 169.6% in the 4th quarter. ProShare Advisors LLC now owns 14,053 shares of the financial services provider’s stock valued at $4,036,000 after buying an additional 8,840 shares in the last quarter. Radnor Capital Management LLC raised its stake in shares of Texas Pacific Land by 205.9% in the 4th quarter. Radnor Capital Management LLC now owns 3,870 shares of the financial services provider’s stock valued at $1,112,000 after buying an additional 2,605 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Texas Pacific Land by 214.9% in the 4th quarter. HighTower Advisors LLC now owns 99,611 shares of the financial services provider’s stock valued at $28,610,000 after buying an additional 67,980 shares in the last quarter. Finally, Watchman Group Inc. raised its stake in shares of Texas Pacific Land by 3,079.3% in the 4th quarter. Watchman Group Inc. now owns 8,584 shares of the financial services provider’s stock valued at $2,465,000 after buying an additional 8,314 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Transactions at Texas Pacific Land

In other news, Director Donna E. Epps bought 895 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The stock was acquired at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the transaction, the director directly owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the sale, the chief accounting officer owned 2,133 shares of the company’s stock, valued at $1,072,899. This trade represents a 42.98% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Up 1.5%

Shares of Texas Pacific Land stock opened at $402.89 on Friday. The stock has a market capitalization of $27.79 billion, a P/E ratio of 55.19 and a beta of 0.66. The company has a 50-day simple moving average of $447.36 and a 200 day simple moving average of $387.06. 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 announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, equities analysts anticipate that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.60 per share. The ex-dividend date is Monday, June 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 (DPR) is 32.88%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TPL shares. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. KeyCorp increased their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Finally, Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $639.00.

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.