Flputnam Investment Management Co. grew its holdings in Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 129.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,569 shares of the financial services provider’s stock after purchasing an additional 7,665 shares during the quarter. Flputnam Investment Management Co.’s holdings in Texas Pacific Land were worth $5,938,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. Global Retirement Partners LLC acquired a new position in shares of Texas Pacific Land in the second quarter worth $41,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of Texas Pacific Land in the 2nd quarter valued at about $352,000. Kelleher Financial Advisors increased its stake in Texas Pacific Land by 563.0% in the second quarter. Kelleher Financial Advisors now owns 716 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 608 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Texas Pacific Land by 45.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 42,329 shares of the financial services provider’s stock worth $18,501,000 after acquiring an additional 13,230 shares in the last quarter. Finally, HighTower Advisors LLC increased its position in shares of Texas Pacific Land by 1.1% during the second quarter. HighTower Advisors LLC now owns 101,156 shares of the financial services provider’s stock worth $44,270,000 after purchasing an additional 1,091 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.
Insiders Place Their Bets
In related news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.
Texas Pacific Land Price Performance
Texas Pacific Land (NYSE:TPL – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The company had revenue of $246.10 million during the quarter, compared to analysts’ expectations of $249.50 million. On average, equities 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 firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 0.7%. Texas Pacific Land’s payout ratio is 30.57%.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on TPL. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research raised Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $639.00.
Get Our Latest Stock Analysis on TPL
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.
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