Geode Capital Management LLC Has $503.58 Million Position in Texas Pacific Land Corporation $TPL

Geode Capital Management LLC raised its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 203.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,759,107 shares of the financial services provider’s stock after purchasing an additional 1,179,788 shares during the period. Geode Capital Management LLC’s holdings in Texas Pacific Land were worth $503,581,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after purchasing an additional 4,975,738 shares during the last quarter. State Street Corp lifted its stake in shares of Texas Pacific Land by 1.9% in the 3rd 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 last quarter. Pacific Heights Asset Management LLC lifted its stake in shares of Texas Pacific Land by 235.1% in the 4th quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider’s stock valued at $178,076,000 after purchasing an additional 435,000 shares during the last quarter. Schwartz Investment Counsel Inc. lifted its stake in shares of 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 purchasing an additional 321,683 shares during the last quarter. Finally, UBS Group AG lifted its stake in shares of Texas Pacific Land by 232.4% in the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock valued at $130,982,000 after purchasing an additional 318,842 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

TPL has been the subject of several analyst reports. Zacks Research raised shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. 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. KeyCorp lifted 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. 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 investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Texas Pacific Land presently has an average rating of “Moderate Buy” and an average price target of $639.00.

Texas Pacific Land Price Performance

Shares of TPL opened at $392.54 on Monday. The company has a market capitalization of $27.07 billion, a PE ratio of 53.77 and a beta of 0.61. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company’s fifty day moving average price is $434.42 and its 200 day moving average price is $390.40.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. 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 issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is 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.