BlackRock Inc. Sells 656,261 Shares of Texas Pacific Land Corporation $TPL

BlackRock Inc. cut its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 11.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,296,254 shares of the financial services provider's stock after selling 656,261 shares during the period. BlackRock Inc. owned about 7.68% of Texas Pacific Land worth $2,317,853,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on TPL shares. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One 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.com, the stock has a consensus rating of "Hold" and a consensus target price of $639.00.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 12,870 shares of the company's stock, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $373.12 on Thursday. The firm has a market cap of $25.73 billion, a price-to-earnings ratio of 47.55 and a beta of 0.60. The stock's 50-day moving average is $387.94 and its 200-day moving average is $423.04. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20.

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 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 company had revenue of $246.10 million during the quarter, compared to analysts' expectations of $249.50 million. On average, equities analysts expect 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. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land's dividend payout ratio is 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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