3,076 Shares in Texas Pacific Land Corporation $TPL Bought by OMERS ADMINISTRATION Corp

Key Points

• OMERS Administration Corp acquired 3,076 shares of Texas Pacific Land in the second quarter, worth approximately $1.35 million. Institutional investors collectively own 59.94% of the company.
• Analysts maintain a consensus “Hold” rating on TPL, with an average price target of $639. The stock recently opened at $370.59, down 0.6%.
• Texas Pacific Land reported quarterly EPS of $2.23, topping estimates of $2.18, while revenue of $246.1 million fell slightly short of expectations. The company declared a quarterly dividend of $0.60 per share, equal to a 0.6% yield.

OMERS ADMINISTRATION Corp acquired a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,076 shares of the financial services provider's stock, valued at approximately $1,346,000.

A number of other hedge funds have also bought and sold shares of TPL. Summit Securities Group LLC lifted its holdings in shares of Texas Pacific Land by 171.9% in the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock worth $25,000 after acquiring an additional 55 shares during the last quarter. IFP Advisors Inc boosted its position in shares of Texas Pacific Land by 185.3% during the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock valued at $28,000 after buying an additional 63 shares during the period. Quarry LP bought a new position in shares of Texas Pacific Land during the third quarter valued at approximately $29,000. Los Angeles Capital Management LLC bought a new position in shares of Texas Pacific Land during the fourth quarter valued at approximately $31,000. Finally, Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land in the third quarter worth approximately $33,000. Institutional investors own 59.94% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TPL. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $639.00.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the firm's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares in the company, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company's stock.

Texas Pacific Land Trading Down 0.6%

TPL opened at $370.59 on Thursday. The firm has a market cap of $25.56 billion, a price-to-earnings ratio of 47.23 and a beta of 0.60. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock has a fifty day moving average price of $388.87 and a 200-day moving average price of $424.13.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. On average, equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio is presently 30.57%.

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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