The Manufacturers Life Insurance Company bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 29,588 shares of the financial services provider’s stock, valued at approximately $12,949,000.
Other large investors have also recently bought and sold shares of the company. Horizon Kinetics Asset Management LLC boosted its position in shares of Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after acquiring an additional 6,829,070 shares in the last quarter. State Street Corp raised its position in shares of Texas Pacific Land by 206.8% during the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after acquiring an additional 2,417,705 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Texas Pacific Land by 203.7% during the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after acquiring an additional 1,179,788 shares in the last quarter. SoftVest Advisors LLC lifted its stake in Texas Pacific Land by 200.0% during the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after purchasing an additional 787,200 shares during the last quarter. Finally, First Manhattan CO. LLC. lifted its stake in Texas Pacific Land by 200.1% during the fourth quarter. First Manhattan CO. LLC. now owns 1,013,363 shares of the financial services provider’s stock worth $291,058,000 after purchasing an additional 675,682 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.
Texas Pacific Land Trading Down 1.5%
Shares of NYSE TPL opened at $364.29 on Friday. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The stock has a 50 day moving average of $389.35 and a two-hundred day moving average of $423.73. The stock has a market cap of $25.13 billion, a P/E ratio of 46.43 and a beta of 0.60.
Texas Pacific Land Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land’s dividend payout ratio is currently 30.57%.
Insider Transactions at Texas Pacific Land
In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the firm’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 transaction, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have commented on TPL. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research note 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 issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $639.00.
View Our Latest Report on Texas Pacific Land
Texas Pacific Land Company 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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