Texas Pacific Land Corporation (NYSE:TPL – Get Free Report) traded down 5.4% on Wednesday . The company traded as low as $345.00 and last traded at $345.27. 142,526 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 457,937 shares. The stock had previously closed at $364.97.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on TPL. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $639.00.
Texas Pacific Land Stock Down 6.5%
Texas Pacific Land (NYSE:TPL – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $249.50 million. As a group, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current 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 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio is 30.57%.
Insiders Place Their Bets
In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the sale, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at $5,151,217.50. The trade was a 19.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of TPL. Quantbot Technologies LP acquired a new position in Texas Pacific Land during the second quarter valued at $67,000. W1M Asset Management Ltd purchased a new position in Texas Pacific Land during the 2nd quarter valued at about $9,610,000. X Square Capital LLC purchased a new position in Texas Pacific Land during the 2nd quarter valued at about $2,047,000. Landscape Capital Management L.L.C. acquired a new position in shares of Texas Pacific Land in the 2nd quarter valued at about $470,000. Finally, Korea Investment CORP acquired a new position in shares of Texas Pacific Land in the 2nd quarter valued at about $10,851,000. Hedge funds and other institutional investors own 59.94% 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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