4,677 Shares in Texas Pacific Land Corporation $TPL Purchased by X Square Capital LLC

Key Points

• X Square Capital purchased 4,677 shares of Texas Pacific Land worth approximately $2.05 million during the second quarter. Institutional investors collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly EPS of $2.23, exceeding estimates of $2.18, while revenue of $246.1 million fell slightly short of forecasts. Shares recently opened at $384.52, with a market capitalization of $26.52 billion.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 0.6% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $639.

X Square Capital LLC purchased a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,677 shares of the financial services provider's stock, valued at approximately $2,047,000.

A number of other hedge funds have also recently bought and sold shares of TPL. Quarry LP bought a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land in the third quarter valued at $33,000. Triumph Capital Management acquired a new position in Texas Pacific Land during the third quarter worth $36,000. MUFG Securities EMEA plc bought a new stake in Texas Pacific Land during the second quarter worth $59,000. Finally, EverSource Wealth Advisors LLC raised its position in Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after acquiring an additional 12 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the transaction, the chief financial officer 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 sale was disclosed in a document filed with the SEC, 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 Up 4.0%

Shares of Texas Pacific Land stock opened at $384.52 on Friday. The company has a 50 day moving average of $388.01 and a 200-day moving average of $422.90. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a market cap of $26.52 billion, a PE ratio of 49.00 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results 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 net margin of 60.32% and a return on equity of 35.76%. The business had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. Research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis 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 (DPR) is currently 30.57%.

Wall Street Analysts Forecast Growth

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

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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