NewEdge Wealth LLC raised its holdings in Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 217.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 5,965 shares of the financial services provider’s stock after acquiring an additional 4,088 shares during the period. NewEdge Wealth LLC’s holdings in Texas Pacific Land were worth $1,713,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the stock. MassMutual Private Wealth & Trust FSB increased its position in Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 69 shares during the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land during the 3rd quarter valued at $29,000. CX Institutional acquired a new stake in shares of Texas Pacific Land during the 3rd quarter worth $30,000. Eagle Bay Advisors LLC purchased a new position in shares of Texas Pacific Land in the 4th quarter worth $31,000. Finally, Silicon Valley Capital Partners acquired a new position in Texas Pacific Land in the third quarter valued at $33,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Texas Pacific Land
In other news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the sale, the chief accounting officer owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Donna E. Epps bought 895 shares of Texas Pacific Land stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the transaction, the director owned 2,921 shares of the company’s stock, valued at approximately $1,491,024.45. This represents a 44.18% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 6.90% of the company’s stock.
Wall Street Analysts Forecast Growth
Read Our Latest Analysis on Texas Pacific Land
Texas Pacific Land Trading Down 3.6%
Shares of NYSE TPL opened at $387.09 on Thursday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The company has a market cap of $26.70 billion, a P/E ratio of 53.03 and a beta of 0.66. The stock has a fifty day moving average price of $466.04 and a 200 day moving average price of $383.46.
Texas Pacific Land (NYSE:TPL – Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The company had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $233.00 million. On average, sell-side analysts forecast that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.
Texas Pacific Land Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.88%.
Texas Pacific Land Profile
Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.
The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.
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