Meridian Management Co. Sells 601 Shares of Texas Pacific Land Corporation $TPL

Meridian Management Co. lessened its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 25.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,716 shares of the financial services provider’s stock after selling 601 shares during the period. Meridian Management Co.’s holdings in Texas Pacific Land were worth $1,661,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Hemington Wealth Management increased its position in Texas Pacific Land by 66.7% in the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 8 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in Texas Pacific Land in the first quarter worth $28,000. Allworth Financial LP increased 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 purchasing an additional 8 shares during the last quarter. GW&K Investment Management LLC increased its position in Texas Pacific Land by 237.5% in the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 19 shares during the last quarter. Finally, IMA Advisory Services Inc. purchased a new position in Texas Pacific Land during the first quarter worth $36,000. Institutional investors own 59.94% of the company’s stock.

Analyst Ratings Changes

TPL has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research note on Tuesday, October 14th. Tudor Pickering raised shares of Texas Pacific Land to a “strong sell” rating in a research note on Tuesday, October 21st. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Texas Pacific Land presently has an average rating of “Reduce”.

Insider Activity

In related news, Director Eric L. Oliver bought 100 shares of the stock in a transaction dated Thursday, August 21st. The stock was purchased at an average cost of $881.27 per share, with a total value of $88,127.00. Following the completion of the purchase, the director owned 393,600 shares of the company’s stock, valued at $346,867,872. This trade represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Up 1.9%

NYSE TPL opened at $946.05 on Friday. The company has a fifty day moving average of $926.55 and a two-hundred day moving average of $1,050.08. The firm has a market capitalization of $21.74 billion, a price-to-earnings ratio of 47.16 and a beta of 1.12. Texas Pacific Land Corporation has a 52 week low of $845.56 and a 52 week high of $1,769.14.

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

Texas Pacific Land Announces Dividend

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

Texas Pacific Land Profile

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.