Hsbc Holdings PLC Purchases 60,329 Shares of Texas Pacific Land Corporation $TPL

Hsbc Holdings PLC raised its position in Texas Pacific Land Corporation (NYSE:TPL) by 209.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,071 shares of the financial services provider’s stock after acquiring an additional 60,329 shares during the quarter. Hsbc Holdings PLC’s holdings in Texas Pacific Land were worth $25,594,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Rockefeller Capital Management L.P. increased its holdings in Texas Pacific Land by 82.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 7,336 shares of the financial services provider’s stock valued at $2,107,000 after purchasing an additional 3,312 shares during the period. Corient Private Wealth LLC lifted its holdings in Texas Pacific Land by 131.7% in the 4th quarter. Corient Private Wealth LLC now owns 17,888 shares of the financial services provider’s stock worth $5,139,000 after buying an additional 10,167 shares during the period. Redwood Family Wealth LLC bought a new stake in shares of Texas Pacific Land in the 4th quarter worth approximately $4,573,000. NCM Capital Management LLC grew its position in shares of Texas Pacific Land by 200.1% in the 4th quarter. NCM Capital Management LLC now owns 30,248 shares of the financial services provider’s stock worth $8,688,000 after buying an additional 20,170 shares during the last quarter. Finally, Cross Staff Investments Inc grew its position in shares of Texas Pacific Land by 194.7% in the 4th quarter. Cross Staff Investments Inc now owns 2,570 shares of the financial services provider’s stock worth $738,000 after buying an additional 1,698 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $4,819,973.20. This represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on TPL shares. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Zacks Research downgraded shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $639.00.

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $402.67 on Tuesday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock has a market cap of $27.77 billion, a P/E ratio of 55.16 and a beta of 0.58. The firm has a 50-day moving average of $396.11 and a 200 day moving average of $405.90.

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 expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land’s payout ratio is currently 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.