Mountain Lake Investment Management LLC Buys New Shares in Texas Pacific Land Co. (NYSE:TPL)

Mountain Lake Investment Management LLC bought a new stake in Texas Pacific Land Co. (NYSE:TPL) during the first quarter, HoldingsChannel reports. The firm bought 10,000 shares of the financial services provider’s stock, valued at approximately $15,894,000. Texas Pacific Land comprises about 8.9% of Mountain Lake Investment Management LLC’s holdings, making the stock its largest holding.

Other large investors also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its position in shares of Texas Pacific Land by 1,665.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 8,971 shares of the financial services provider’s stock valued at $14,259,000 after acquiring an additional 8,463 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Texas Pacific Land during the first quarter worth approximately $1,156,000. Verdence Capital Advisors LLC increased its position in Texas Pacific Land by 7.3% during the first quarter. Verdence Capital Advisors LLC now owns 1,854 shares of the financial services provider’s stock worth $2,947,000 after buying an additional 126 shares during the last quarter. Credit Suisse AG increased its position in Texas Pacific Land by 7.5% during the first quarter. Credit Suisse AG now owns 7,887 shares of the financial services provider’s stock worth $12,537,000 after buying an additional 552 shares during the last quarter. Finally, Rothschild Investment Corp IL increased its position in Texas Pacific Land by 44.8% during the first quarter. Rothschild Investment Corp IL now owns 420 shares of the financial services provider’s stock worth $668,000 after buying an additional 130 shares during the last quarter. 55.25% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:TPL traded down $26.04 during trading on Thursday, reaching $1,498.00. 158 shares of the stock were exchanged, compared to its average volume of 54,669. Texas Pacific Land Co. has a 12 month low of $427.69 and a 12 month high of $1,773.95. The company has a market cap of $11.62 billion, a price-to-earnings ratio of 70.07 and a beta of 2.20. The company’s 50-day moving average is $1,528.24.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Thursday, May 6th. The financial services provider reported $6.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.77 by $0.68. Texas Pacific Land had a return on equity of 34.01% and a net margin of 58.70%. The company had revenue of $84.16 million during the quarter, compared to analysts’ expectations of $75.22 million. As a group, equities research analysts forecast that Texas Pacific Land Co. will post 31.99 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 15th. Stockholders of record on Tuesday, June 8th were issued a dividend of $2.75 per share. This represents a $11.00 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend was Monday, June 7th. Texas Pacific Land’s dividend payout ratio is presently 48.46%.

A number of equities analysts have weighed in on the company. Zacks Investment Research raised Texas Pacific Land from a “hold” rating to a “buy” rating and set a $1,767.00 price target on the stock in a research report on Tuesday, March 30th. Stifel Nicolaus downgraded Texas Pacific Land from a “buy” rating to a “hold” rating and set a $1,359.00 price target on the stock. in a research report on Thursday, April 1st. Finally, BWS Financial boosted their price target on Texas Pacific Land from $1,700.00 to $2,000.00 and gave the stock a “buy” rating in a research report on Monday, May 10th.

In related news, CEO Tyler Glover purchased 27 shares of the business’s stock in a transaction that occurred on Tuesday, May 25th. The stock was acquired at an average cost of $1,503.93 per share, for a total transaction of $40,606.11. Following the completion of the purchase, the chief executive officer now owns 285 shares in the company, valued at approximately $428,620.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have bought 287 shares of company stock valued at $459,086. Corporate insiders own 0.92% of the company’s stock.

About Texas Pacific Land

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company's Land and Resource Management segment manages approximately 880,000 acres of land. This segment also holds oil and gas royalty interests; easements and commercial leases comprising easement contracts covering activities, such as oil and gas pipelines and subsurface wellbore easements; and agreements with operators and midstream companies to lease its land, primarily for facilities and roads.

Further Reading: What is meant by holder of record?

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Institutional Ownership by Quarter for Texas Pacific Land (NYSE:TPL)

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