Essex Financial Services Inc. boosted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 5.1% during the first quarter, Holdings Channel reports. The firm owned 47,828 shares of the financial services provider’s stock after acquiring an additional 2,313 shares during the quarter. Texas Pacific Land makes up about 1.3% of Essex Financial Services Inc.’s investment portfolio, making the stock its 14th biggest position. Essex Financial Services Inc.’s holdings in Texas Pacific Land were worth $22,697,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after acquiring an additional 545 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock valued at $1,211,000 after purchasing an additional 389 shares in the last quarter. Woodline Partners LP boosted its stake in shares of Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock valued at $2,109,000 after purchasing an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after buying an additional 12 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Texas Pacific Land by 2,177.5% during the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock valued at $4,812,000 after buying an additional 4,355 shares during the period. Institutional investors own 59.94% of the company’s stock.
Insider Activity at Texas Pacific Land
In other news, CFO Chris Steddum sold 830 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the transaction, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.
Wall Street Analysts Forecast Growth
View Our Latest Stock Analysis on Texas Pacific Land
Texas Pacific Land Price Performance
NYSE:TPL opened at $415.58 on Thursday. The firm has a market capitalization of $28.66 billion, a P/E ratio of 56.93 and a beta of 0.58. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company’s 50-day simple moving average is $398.13 and its 200 day simple moving average is $403.19.
Texas Pacific Land (NYSE:TPL – Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. On average, equities research analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.
Texas Pacific Land Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land’s payout ratio is 32.88%.
About Texas Pacific Land
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.
Featured Stories
- Five stocks we like better than Texas Pacific Land
- AirJoule Unveils Prime System, Clearing Path to Commercialization
- Copper Stocks Are Getting a Bigger Spotlight as Gold’s Rally Cracks
- Nike Q4 Beat Masks Core Weakness as Analysts Cut Price Targets
- Uber’s Waymo Detour Tests the Stock’s Robotaxi Bull Case
Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL – Free Report).
Receive News & Ratings for Texas Pacific Land Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Texas Pacific Land and related companies with MarketBeat.com's FREE daily email newsletter.
