Plato Investment Management Ltd lessened its holdings in Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 46.9% during the second quarter, Holdings Channel reports. The fund owned 3,003 shares of the financial services provider’s stock after selling 2,653 shares during the period. Plato Investment Management Ltd’s holdings in Texas Pacific Land were worth $1,307,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of TPL. Quarry LP bought a new stake in shares of Texas Pacific Land during the 3rd quarter worth about $29,000. Silicon Valley Capital Partners bought a new stake in Texas Pacific Land in the 3rd quarter valued at $33,000. Triumph Capital Management bought a new stake in Texas Pacific Land in the 3rd quarter valued at $36,000. MUFG Securities EMEA plc acquired a new position in Texas Pacific Land in the 2nd quarter valued at $59,000. Finally, EverSource Wealth Advisors LLC increased its position in Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after buying an additional 12 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
TPL has been the subject of a number of recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land has an average rating of “Hold” and an average price target of $639.00.
Texas Pacific Land Trading Up 0.7%
Shares of Texas Pacific Land stock opened at $361.09 on Tuesday. The company has a 50 day moving average of $388.33 and a 200-day moving average of $422.82. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a market cap of $24.90 billion, a PE ratio of 46.02 and a beta of 0.60.
Texas Pacific Land (NYSE:TPL – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The business had revenue of $246.10 million for the quarter, compared to analysts’ expectations of $249.50 million. Research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.
Texas Pacific Land Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio (DPR) is presently 30.57%.
Insider Buying and Selling at Texas Pacific Land
In related news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.
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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