California Public Employees Retirement System lifted its stake in Texas Pacific Land Co. (NYSE:TPL – Get Rating) by 11.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,517 shares of the financial services provider’s stock after buying an additional 1,285 shares during the period. California Public Employees Retirement System owned about 0.16% of Texas Pacific Land worth $29,343,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Wipfli Financial Advisors LLC bought a new position in Texas Pacific Land in the 3rd quarter valued at $27,000. VitalStone Financial LLC bought a new position in shares of Texas Pacific Land in the 4th quarter worth $30,000. Pacer Advisors Inc. bought a new position in shares of Texas Pacific Land in the 4th quarter worth $33,000. Fred Alger Management LLC acquired a new stake in Texas Pacific Land during the 3rd quarter worth $41,000. Finally, Citizens National Bank Trust Department acquired a new stake in Texas Pacific Land during the 3rd quarter worth $44,000. 58.95% of the stock is owned by institutional investors and hedge funds.
Texas Pacific Land Stock Performance
Texas Pacific Land stock opened at $1,386.19 on Thursday. Texas Pacific Land Co. has a 52 week low of $1,250.01 and a 52 week high of $2,739.00. The stock has a market capitalization of $10.66 billion, a P/E ratio of 24.59 and a beta of 1.87. The stock has a 50-day simple moving average of $1,634.82 and a 200 day simple moving average of $2,039.51.
Texas Pacific Land Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 8th will be given a dividend of $3.25 per share. The ex-dividend date is Wednesday, June 7th. This represents a $13.00 annualized dividend and a yield of 0.94%. Texas Pacific Land’s dividend payout ratio is currently 23.06%.
Analysts Set New Price Targets
Several analysts have issued reports on TPL shares. StockNews.com started coverage on Texas Pacific Land in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Stifel Nicolaus lifted their price target on Texas Pacific Land from $1,396.00 to $1,399.00 in a research note on Thursday, April 27th.
About Texas Pacific Land
Texas Pacific Land Corp. operates as a landowner in the State of Texas. Its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of the firm’s land, revenue for sales of materials used in the construction of infrastructure, providing sourced water and treated produced water, revenue from its oil and gas royalty interests, and revenues related to saltwater disposal on land.
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