Texas Pacific Land Corporation $TPL Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System cut its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 9.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 215,832 shares of the financial services provider's stock after selling 21,420 shares during the quarter. California State Teachers Retirement System owned approximately 0.31% of Texas Pacific Land worth $94,456,716 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TPL. Wedmont Private Capital boosted its holdings in Texas Pacific Land by 38.6% in the 2nd quarter. Wedmont Private Capital now owns 1,313 shares of the financial services provider's stock valued at $575,000 after purchasing an additional 366 shares during the period. HB Wealth Management LLC boosted its position in Texas Pacific Land by 5.6% during the 2nd quarter. HB Wealth Management LLC now owns 4,721 shares of the financial services provider's stock worth $2,066,000 after buying an additional 252 shares during the period. Saudi Central Bank raised its stake in Texas Pacific Land by 89.6% during the 2nd quarter. Saudi Central Bank now owns 4,102 shares of the financial services provider's stock worth $1,795,000 after buying an additional 1,939 shares during the period. AlphaGrep UK Ltd purchased a new stake in Texas Pacific Land during the second quarter worth about $979,000. Finally, ZEGA Investments LLC raised its stake in Texas Pacific Land by 52.8% in the second quarter. ZEGA Investments LLC now owns 1,931 shares of the financial services provider's stock valued at $845,000 after purchasing an additional 667 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Stock Up 2.4%

TPL stock traded up $8.71 during midday trading on Tuesday, reaching $373.98. The stock had a trading volume of 115,669 shares, compared to its average volume of 443,375. The business has a fifty day simple moving average of $382.80 and a two-hundred day simple moving average of $417.59. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The firm has a market cap of $25.80 billion, a price-to-earnings ratio of 47.69 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.18 by $0.05. The firm had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. On average, equities analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.60 dividend. 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%.

Analyst Upgrades and Downgrades

TPL has been the subject of several research reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. One investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land Profile

Texas Pacific Land Corporation NYSE: TPL is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.

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