Sei Investments Co. boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 61.7% in the first quarter, HoldingsChannel.com reports. The fund owned 114,464 shares of the financial services provider’s stock after acquiring an additional 43,691 shares during the quarter. Sei Investments Co.’s holdings in Texas Pacific Land were worth $54,320,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Bar Harbor Wealth Management increased its stake in shares of Texas Pacific Land by 195.1% in the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock worth $10,591,000 after acquiring an additional 24,379 shares during the period. Stratos Wealth Partners LTD. lifted its position in Texas Pacific Land by 212.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock valued at $5,231,000 after purchasing an additional 12,390 shares during the period. Daiwa Securities Group Inc. lifted its position in Texas Pacific Land by 200.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock valued at $2,714,000 after purchasing an additional 6,307 shares during the period. New York State Teachers Retirement System boosted its holdings in Texas Pacific Land by 184.1% in the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock valued at $11,156,000 after purchasing an additional 25,170 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. boosted its holdings in Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after purchasing an additional 321,683 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.
Texas Pacific Land Price Performance
NYSE:TPL opened at $419.46 on Friday. The company’s 50-day moving average is $395.25 and its two-hundred day moving average is $416.54. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The firm has a market capitalization of $28.93 billion, a price-to-earnings ratio of 57.46 and a beta of 0.58.
Texas Pacific Land Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date was Monday, June 1st. Texas Pacific Land’s dividend payout ratio is presently 32.88%.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on TPL. Zacks Research lowered Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 30th. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Reduce” and an average target price of $639.00.
Check Out Our Latest Report on Texas Pacific Land
Insider Transactions at Texas Pacific Land
In other Texas Pacific Land 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 sale, 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 ownership of the stock. The transaction 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. 6.90% of the stock is currently owned by company insiders.
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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