CIBC Asset Management Inc Buys 11,210 Shares of Texas Pacific Land Corporation $TPL

CIBC Asset Management Inc boosted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 408.4% during the fourth quarter, Holdings Channel reports. The firm owned 13,955 shares of the financial services provider’s stock after purchasing an additional 11,210 shares during the quarter. CIBC Asset Management Inc’s holdings in Texas Pacific Land were worth $4,008,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB increased its holdings in Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock valued at $25,000 after buying an additional 69 shares during the last quarter. IFP Advisors Inc increased its holdings in Texas Pacific Land by 185.3% during the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after buying an additional 63 shares during the last quarter. Quarry LP purchased a new stake in Texas Pacific Land during the third quarter valued at approximately $29,000. Eagle Bay Advisors LLC purchased a new stake in Texas Pacific Land during the fourth quarter valued at approximately $31,000. Finally, Silicon Valley Capital Partners purchased a new stake in Texas Pacific Land during the third quarter valued at approximately $33,000. Institutional investors own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $389.54 on Friday. The firm has a fifty day moving average price of $420.36 and a 200-day moving average price of $391.92. The stock has a market cap of $26.87 billion, a PE ratio of 53.36 and a beta of 0.61. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data 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 firm 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, research analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.88%.

Texas Pacific Land Profile

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.