Chris Steddum Sells 830 Shares of Texas Pacific Land (NYSE:TPL) Stock

Key Points

• Texas Pacific Land CFO Chris Steddum sold 830 shares on June 8 at an average price of $400.33, totaling about $332,274. The sale reduced his direct ownership by 6.45% and was made under a pre-arranged Rule 10b5-1 plan.
• Steddum also sold 3,170 shares on June 5 for about $1.27 million, indicating continued insider selling in recent trading sessions.
• TPL shares fell 3.7% to $381.58 in Tuesday trading even as the company recently beat earnings estimates and declared a quarterly dividend of $0.60 per share, or $2.40 annually.

Texas Pacific Land Corporation (NYSE:TPL - Get Free Report) CFO Chris Steddum sold 830 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chris Steddum also recently made the following trade(s):

• On Friday, June 5th, Chris Steddum sold 3,170 shares of Texas Pacific Land stock. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50.

Texas Pacific Land Stock Down 3.7%

NYSE TPL traded down $14.56 during trading hours on Tuesday, reaching $381.58. 368,575 shares of the company were exchanged, compared to its average volume of 487,491. The stock has a market capitalization of $26.32 billion, a P/E ratio of 52.27 and a beta of 0.61. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The business's 50 day simple moving average is $417.86 and its 200-day simple moving average is $393.07.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. As a group, sell-side analysts anticipate 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 announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land's payout ratio is presently 32.88%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TPL shares. KeyCorp upped their price target on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Finally, Zacks Research downgraded shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. 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's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $639.00.

Hedge Funds Weigh In On Texas Pacific Land

Large investors have recently made changes to their positions in the stock. Horizon Kinetics Asset Management LLC grew its position in shares of Texas Pacific Land by 194.9% in the fourth 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 purchasing an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Texas Pacific Land by 192.8% in the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock valued at $2,170,512,000 after purchasing an additional 4,975,738 shares in the last quarter. State Street Corp grew its position in shares of Texas Pacific Land by 206.8% in 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 purchasing an additional 2,417,705 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Texas Pacific Land by 203.7% in 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 purchasing an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC grew its position in shares of 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 purchasing an additional 787,200 shares in the last quarter. 59.94% of the stock is owned by institutional investors.

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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