Pacer Advisors Inc. boosts stock holding in Texas Pacific Land Co. (NYSE:TPL)
Pacer Advisors Inc. increased its investment in Texas Pacific Land Co. (NYSE:TPL) by 102.6% in the third quarter, as reported in their recent 13F filing with the SEC. The institutional investor now holds 10,313 shares of the financial services provider’s stock after acquiring an additional 5,223 shares during the quarter. At the time of their latest SEC filing, Pacer Advisors Inc.’s stake in Texas Pacific Land was valued at $9,124,000.
Other hedge funds have also been active in trading shares of TPL recently. For example, Capital Performance Advisors LLP initiated a new stake in Texas Pacific Land in the third quarter with a value of $25,000. Similarly, Compagnie Lombard Odier SCmA, Quest Partners LLC, American National Bank, and Thurston Springer Miller Herd & Titak Inc. all made new investments in Texas Pacific Land as well. In total, 59.94% of the stock is owned by hedge funds and other institutional investors.
Texas Pacific Land’s stock value experienced a 14.2% increase, with shares trading at $1,730.00 on Friday. The company has seen a 1 year low of $467.62 and a high of $1,749.44, with a market capitalization of $39.76 billion. The firm also recently announced an increase in its quarterly dividend, which will be paid on Monday, December 16th.
Analysts at BWS Financial maintained a “buy” rating on Texas Pacific Land’s stock, with a target price of $917.00 in a recent research note. In insider news, CAO Stephanie Buffington sold 210 shares of the company’s stock at an average price of $1,388.33, resulting in a 26.45% decrease in her position. Overall, insiders have purchased 117 shares of TPL stock in the last three months.
Texas Pacific Land Corporation manages land, resources, and provides water services. The company has various royalty interests in land totaling approximately 195,000 NRA in western Texas. This includes a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) and a 1/16th NPRI over certain land areas.
While Texas Pacific Land has a “Moderate Buy” rating among analysts, top-rated analysts have identified five other stocks as better buys. As always, it’s important to consider all available information before making any investment decisions.
