Ieq Capital LLC purchased a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,051 shares of the financial services provider’s stock, valued at approximately $1,335,000.
A number of other hedge funds and other institutional investors have also modified their holdings of TPL. Horizon Kinetics Asset Management LLC boosted its position in Texas Pacific Land by 194.9% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock valued at $2,968,063,000 after buying an additional 6,829,070 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after acquiring an additional 4,975,738 shares during the last quarter. State Street Corp lifted its stake in shares of Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock valued at $1,030,259,000 after acquiring an additional 2,417,705 shares during the period. Geode Capital Management LLC lifted its stake in shares of Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after acquiring an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC boosted its holdings in Texas Pacific Land by 200.0% in the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock valued at $339,149,000 after acquiring an additional 787,200 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.
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 transaction, the chief financial officer owned 12,040 shares of the company’s stock, valued at $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
View Our Latest Stock Report on TPL
Texas Pacific Land Stock Down 0.6%
Shares of Texas Pacific Land stock opened at $370.59 on Thursday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The business has a fifty day simple moving average of $388.87 and a 200 day simple moving average of $424.13. The stock has a market cap of $25.56 billion, a PE ratio of 47.23 and a beta of 0.60.
Texas Pacific Land (NYSE:TPL – Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. Analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.
Texas Pacific Land Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.57%.
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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