Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

<ul>
<li>TPL reported fourth quarter revenue impacted by a trifecta of events. The decline in energy prices led to reduced production levels causing water sales to also decline in a period</li>
<li>TPL had been seeing production rebound in the summer of 2022. The volatility in energy prices in the Permian Basin pushed some producers to slow down their well development plans</li>
<li>The lower production was the biggest culprit to the decline in revenue as producers were not incentivized to produce oil and natural gas.</li>
</ul>


TPL reported fourth quarter revenue impacted by a trifecta of events. The decline in energy prices led to reduced production levels causing water sales to also decline in a period
TPL had been seeing production rebound in the summer of 2022. The volatility in energy prices in the Permian Basin pushed some producers to slow down their well development plans
The lower production was the biggest culprit to the decline in revenue as producers were not incentivized to produce oil and natural gas.


<ul>
<li>TPL reported better than expected third quarter results on the heels of production rebounding to a new high compared to the last four quarters</li>
<li>The availability of fracking sand has been the biggest impediment for energy producers in the Permian Basin. TPL contracting for two mobile sand miners should stabilize production over multiple quarters</li>
<li>We are raising our price target to $2,750 to better reflect the earnings power TPL’s business has looking ahead to 2023 and 2024 with higher production levels</li>
</ul>


TPL reported better than expected third quarter results on the heels of production rebounding to a new high compared to the last four quarters
The availability of fracking sand has been the biggest impediment for energy producers in the Permian Basin. TPL contracting for two mobile sand miners should stabilize production over multiple quarters
We are raising our price target to $2,750 to better reflect the earnings power TPL’s business has looking ahead to 2023 and 2024 with higher production levels


<ul>
<li>TPL reported second quarter results exceeding our expectations as the increase in activity in the Permian Basin resulted in higher revenue across all segments. </li>
<li>TPL is benefiting from higher oil and gas prices enticing energy companies to boost production</li>
<li>The second quarter results did not show a rebound in overall barrels of oil equivalent (“BOE”) as we had hoped would be the case from the first quarter results.</li>
</ul>


TPL reported second quarter results exceeding our expectations as the increase in activity in the Permian Basin resulted in higher revenue across all segments. 
TPL is benefiting from higher oil and gas prices enticing energy companies to boost production
The second quarter results did not show a rebound in overall barrels of oil equivalent (“BOE”) as we had hoped would be the case from the first quarter results.


<ul>
<li>TPL reported a decrease in daily production in the first quarter as energy producers had difficulty sourcing adequate amounts of sand</li>
<li>The lower daily production resulted in TPL reporting lower than expected revenue and earnings in the first quarter than we were expecting</li>
<li>The delay in production rates should not alter TPL’s stock trajectory as earnings should bounce with daily production ramping again.</li>
</ul>


TPL reported a decrease in daily production in the first quarter as energy producers had difficulty sourcing adequate amounts of sand
The lower daily production resulted in TPL reporting lower than expected revenue and earnings in the first quarter than we were expecting
The delay in production rates should not alter TPL’s stock trajectory as earnings should bounce with daily production ramping again.


TPL: Special Dividend While Production Re-Ramps

<ul>
<li>TPL utilizing an unhedged strategy for its oil and gas royalties is set to announce first quarter results that should exceed expectations</li>
<li>Higher energy prices and more production should result in TPL reporting oil and gas royalties materially higher than the fourth quarter.</li>
<li>The increase in production benefits TPL’s water business. Oil producers need water during the fracking process. TPL’s water source is closer to producing oil wells</li>
</ul>


TPL utilizing an unhedged strategy for its oil and gas royalties is set to announce first quarter results that should exceed expectations
Higher energy prices and more production should result in TPL reporting oil and gas royalties materially higher than the fourth quarter.
The increase in production benefits TPL’s water business. Oil producers need water during the fracking process. TPL’s water source is closer to producing oil wells


United States

Texas Pacific Land Corporation owns tracts of land in Texas, previously the property of the Texas and Pacific Railway Co. The Trust issues transferable certificates of proprietary interest pro rata to the holders of certain debt securities of the Texas and Pacific Railway Co. Texas's income is derived from land sales, oil and gas royalties, grazing leases, and interest.

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Texas Pacific Land (TPL US)

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The continued rally in energy prices should have greater positive contribution to TPL's Q1 numbers than we had been forecasting.

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