Ethic Inc. Sells 1,553 Shares of Texas Pacific Land Corporation $TPL

Ethic Inc. trimmed its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 45.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,855 shares of the financial services provider’s stock after selling 1,553 shares during the quarter. Ethic Inc.’s holdings in Texas Pacific Land were worth $1,958,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hemington Wealth Management lifted its stake in shares of Texas Pacific Land by 66.7% in the 1st quarter. Hemington Wealth Management now owns 20 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 8 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in Texas Pacific Land by 110.0% during the 1st quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider’s stock valued at $28,000 after buying an additional 11 shares during the period. Zions Bancorporation National Association UT purchased a new stake in Texas Pacific Land during the 1st quarter valued at $28,000. Allworth Financial LP lifted its position in Texas Pacific Land by 42.1% in the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider’s stock worth $36,000 after buying an additional 8 shares during the last quarter. Finally, GW&K Investment Management LLC boosted its stake in Texas Pacific Land by 237.5% during the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider’s stock worth $36,000 after buying an additional 19 shares during the period. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insider Buying and Selling at Texas Pacific Land

In other news, Director Eric L. Oliver purchased 100 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were acquired at an average price of $881.27 per share, with a total value of $88,127.00. Following the transaction, the director owned 393,600 shares of the company’s stock, valued at $346,867,872. This represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 6.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Tudor Pickering upgraded shares of Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Texas Pacific Land Trading Down 0.8%

Shares of TPL opened at $929.73 on Friday. The firm has a fifty day moving average price of $923.08 and a 200-day moving average price of $1,062.39. The firm has a market capitalization of $21.37 billion, a P/E ratio of 46.35 and a beta of 1.12. Texas Pacific Land Corporation has a 12-month low of $845.56 and a 12-month high of $1,769.14.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.43). The company had revenue of $187.54 million for the quarter, compared to the consensus estimate of $198.00 million. Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land’s payout ratio is 31.90%.

About Texas Pacific Land

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.