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

CIBC Asset Management Inc boosted its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 408.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,955 shares of the financial services provider’s stock after acquiring an additional 11,210 shares during the quarter. CIBC Asset Management Inc’s holdings in Texas Pacific Land were worth $4,008,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bar Harbor Wealth Management lifted its position in shares of Texas Pacific Land by 195.1% during the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock worth $10,591,000 after buying an additional 24,379 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock valued at $5,231,000 after buying an additional 12,390 shares in the last quarter. Schwartz Investment Counsel Inc. grew its stake in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after buying an additional 321,683 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Texas Pacific Land by 192.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider’s stock valued at $38,410,000 after buying an additional 88,053 shares in the last quarter. Finally, New York State Teachers Retirement System grew its stake in Texas Pacific Land by 184.1% in the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock valued at $11,156,000 after buying an additional 25,170 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on TPL shares. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. 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. KeyCorp boosted their price target 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, Zacks Research cut shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $389.54 on Friday. The stock has a market capitalization of $26.87 billion, a P/E 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. The company’s 50-day moving average is $420.36 and its 200 day moving average is $391.92.

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 for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million for 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%. Research analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land’s dividend payout ratio is 32.88%.

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.