Here’s Why Texas Pacific Land Corporation (TPL) Detracted in Q2
Wedgewood Partners, an investment management company, released its "Wedgewood Partners Large Cap Focused Growth Fund" second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Wedgewood Composite’s net return was 8.1% compared to the Standard & Poor’s 8.7%, Russell 1000 Growth Index’s 12.8%, and Russell 1000 Value Index’s 4.1% 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 Large Cap Focused Growth Fund highlighted stocks like Texas Pacific Land Corporation (NYSE:TPL) in the second 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 July 19, 2023, Texas Pacific Land Corporation (NYSE:TPL) stock closed at $1,443.10 per share. One-month return of Texas Pacific Land Corporation (NYSE:TPL) was 11.21%, and its shares lost 17.74% of their value over the last 52 weeks. Texas Pacific Land Corporation (NYSE:TPL) has a market capitalization of $11.101 billion.
Wedgewood Partners Large Cap Focused Growth Fund made the following comment about Texas Pacific Land Corporation (NYSE:TPL) in its second quarter 2023 investor letter:
"Texas Pacific Land Corporation (NYSE:TPL) also detracted from performance during the quarter. Oil and gas production on the Company’s royalty interests were up slightly year over year while water related and surface revenues surged +35%. 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. Although oil and gas prices will always be volatile over the short-term, we expect development activity on their 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."
Texas Pacific Land Corporation (NYSE:TPL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Texas Pacific Land Corporation (NYSE:TPL) at the end of first quarter which was 20 in the previous quarter.
We discussed Texas Pacific Land Corporation (NYSE:TPL) in another article and shared the list of best extremely profitable stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
