Should You Hold Texas Pacific Land Corporation (TPL) for the Long Term?
Wedgewood Partners, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Wedgewood Composite’s Net return was 9.8% compared to the Standard & Poor's Index’s 7.5%, Russell 1000 Growth Index’s 14.4%, and Russell 1000 Value Index’s 1.0% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners highlighted stocks Texas Pacific Land Corporation (NYSE:TPL) in the first quarter 2023 investor letter. Headquartered in Dallas, Texas, Texas Pacific Land Corporation (NYSE:TPL) is a real estate company. On April 14, 2023, Texas Pacific Land Corporation (NYSE:TPL) stock closed at $1,714.54 per share. One-month return of Texas Pacific Land Corporation (NYSE:TPL) was 2.04%, and its shares gained 15.16% of their value over the last 52 weeks. Texas Pacific Land Corporation (NYSE:TPL) has a market capitalization of $13.194 billion.
Wedgewood Partners made the following comment about Texas Pacific Land Corporation (NYSE:TPL) in its Q1 2023 investor letter:
"Texas Pacific Land Corporation (NYSE:TPL) was a top detractor to performance during the quarter. Also, early in the quarter we trimmed our weighting after the stock's remarkable run in 2022. The Company’s royalty interests span over 880,000 acres in West Texas. Most of this land is located in the highly productive Delaware Basin of the Permian Basin. Although oil and gas prices will always be volatile over the short term, we expect development activity on the Company’s acreage to continue to grow at a rapid pace, primarily driven by both domestic and multinational producers looking to maximize returns on increasingly scarce oil and gas capital expenditures."
Texas Pacific Land Corporation (NYSE:TPL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Texas Pacific Land Corporation (NYSE:TPL) at the end of the fourth quarter which was 20 in the previous quarter.
We discussed Texas Pacific Land Corporation (NYSE:TPL) in another article and shared the list of high growth energy stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
