Texas Pacific Land Corporation (TPL) Contributed to Wedgewood Partners’ Performance in Q3
Wedgewood Partners, an investment management company, released its “Wedgewood Partners Large Cap Focused Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Wedgewood Composite’s net return was -2.4% compared to the Standard & Poor’s -3.3%, Russell 1000 Growth Index’s -3.1%, and Russell 1000 Value Index’s -3.2% 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 like Texas Pacific Land Corporation (NYSE:TPL) in the third quarter 2023 investor letter. Headquartered in Dallas, Texas, Texas Pacific Land Corporation (NYSE:TPL) is a landowner in the State of Texas that engages in land and resource management, and water services and operations businesses. On October 20, 2023, Texas Pacific Land Corporation (NYSE:TPL) stock closed at $1,913.75 per share. One-month return of Texas Pacific Land Corporation (NYSE:TPL) was 3.97%, and its shares lost 10.49% of their value over the last 52 weeks. Texas Pacific Land Corporation (NYSE:TPL) has a market capitalization of $14.691 billion.
Wedgewood Partners made the following comment about Texas Pacific Land Corporation (NYSE:TPL) in its Q3 2023 investor letter:
"Texas Pacific Land Corporation (NYSE:TPL) contributed to the performance during the quarter. Oil and gas production on the Company’s royalty interests vaulted +25% compared to the same period in 2022, whereas water-related and surface revenues surged +40%. Despite this, revenues were down -9% due to the decline in realized oil prices. Although oil and gas prices will always be volatile over the short-term, we expect development activity on its Permian Basin acreage will grow at a solid pace, primarily driven by both domestic and multinational producers looking to maximize returns on increasingly scarce oil and gas capital expenditures. The Company’s holdings span nearly 880,000 acres in West Texas. Most of this land is located in the highly productive Delaware Basin of the Permian Basin."
An aerial view of a city, highlighting the vital role of the company in providing necessary raw water and wastewater services. Editorial photo for a financial news article. 8k. --ar 16:9
Texas Pacific Land Corporation (NYSE:TPL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Texas Pacific Land Corporation (NYSE:TPL) at the end of second quarter which was 17 in the previous quarter.
We discussed Texas Pacific Land Corporation (NYSE:TPL) in another article and shared the list of most undervalued large cap stocks to buy according to Wall Street analysts. In addition, please check out our hedge fund investor letters Q3 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.
