Texas Pacific Land Corporation $TPL Shares Bought by Legal & General Group Plc

Legal & General Group Plc lifted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 13.6% during the second quarter, Holdings Channel reports. The fund owned 134,173 shares of the financial services provider’s stock after purchasing an additional 16,094 shares during the quarter. Legal & General Group Plc’s holdings in Texas Pacific Land were worth $141,739,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. MAI Capital Management boosted its holdings in Texas Pacific Land by 13.1% in the second quarter. MAI Capital Management now owns 614 shares of the financial services provider’s stock valued at $649,000 after purchasing an additional 71 shares during the last quarter. DNB Asset Management AS raised its position in shares of Texas Pacific Land by 2.2% in the 2nd quarter. DNB Asset Management AS now owns 3,710 shares of the financial services provider’s stock valued at $3,919,000 after purchasing an additional 81 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Texas Pacific Land during the 2nd quarter valued at approximately $528,000. Magnetar Financial LLC acquired a new stake in shares of Texas Pacific Land during the second quarter worth approximately $458,000. Finally, Swiss National Bank grew its position in shares of Texas Pacific Land by 7.4% during the second quarter. Swiss National Bank now owns 59,151 shares of the financial services provider’s stock worth $62,487,000 after buying an additional 4,100 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on TPL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, November 17th. Tudor Pickering raised shares of 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Texas Pacific Land Price Performance

Shares of TPL opened at $878.59 on Tuesday. The stock has a market capitalization of $20.19 billion, a PE ratio of 43.80 and a beta of 1.12. The business’s fifty day moving average price is $935.90 and its 200 day moving average price is $1,007.05. 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 released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share for the quarter, missing the consensus estimate of $5.77 by ($0.50). The business had revenue of $203.10 million for the quarter, compared to analyst estimates of $175.00 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 firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $6.40 annualized dividend and a yield of 0.7%. Texas Pacific Land’s 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.