Magnetar Financial LLC Makes New Investment in Texas Pacific Land Corporation $TPL

Magnetar Financial LLC purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 434 shares of the financial services provider’s stock, valued at approximately $458,000.

Several other large investors also recently modified their holdings of TPL. Hemington Wealth Management lifted its position in shares of Texas Pacific Land by 66.7% during the 1st quarter. Hemington Wealth Management now owns 20 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 8 shares during the period. Zions Bancorporation National Association UT acquired a new position in shares of Texas Pacific Land during the first quarter valued at about $28,000. Assetmark Inc. boosted its position in shares of Texas Pacific Land by 50.0% during the 1st quarter. Assetmark Inc. now owns 39 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 13 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of Texas Pacific Land in the 1st quarter valued at about $61,000. Finally, SBI Securities Co. Ltd. increased its position in Texas Pacific Land by 5,100.0% in the 2nd quarter. SBI Securities Co. Ltd. now owns 52 shares of the financial services provider’s stock valued at $55,000 after buying an additional 51 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on TPL. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, November 17th. Tudor Pickering raised Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

Texas Pacific Land Stock Performance

TPL stock opened at $878.59 on Tuesday. The company has a market capitalization of $20.19 billion, a P/E ratio of 43.80 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. The business has a 50-day simple moving average of $935.90 and a two-hundred day simple moving average of $1,007.05.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share for the quarter, missing analysts’ consensus estimates of $5.77 by ($0.50). The company had revenue of $203.10 million during the quarter, compared to the consensus estimate of $175.00 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 will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $1.60 dividend. The ex-dividend date is Monday, December 1st. This represents a $6.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio is presently 30.92%.

Texas Pacific Land Company 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.