Clare Market Investments LLC Takes $14.43 Million Position in Texas Pacific Land Corporation $TPL

Key Points

• Clare Market Investments LLC opened a new position in Texas Pacific Land during the first quarter, buying 30,406 shares valued at about $14.43 million. The stake makes TPL roughly 3% of the fund’s portfolio and its 8th-largest holding.
• Texas Pacific Land continues to attract institutional ownership, with multiple funds adding to their positions and 59.94% of shares held by institutional investors. Meanwhile, CFO Chris Steddum sold 830 shares in a pre-arranged Rule 10b5-1 trade, trimming his direct holdings by 6.45%.
• The company posted solid operating results, beating EPS expectations with $2.07 per share on revenue of $236.8 million. It also paid a quarterly dividend of $0.60 per share, while analysts currently maintain an overall Reduce rating and a consensus target price of $639.00.

Clare Market Investments LLC acquired a new position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 30,406 shares of the financial services provider's stock, valued at approximately $14,429,000. Texas Pacific Land makes up about 3.0% of Clare Market Investments LLC's investment portfolio, making the stock its 8th biggest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of TPL. EverSource Wealth Advisors LLC grew its position in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after buying an additional 12 shares in the last quarter. Aptus Capital Advisors LLC lifted its stake in Texas Pacific Land by 1.6% in the third quarter. Aptus Capital Advisors LLC now owns 969 shares of the financial services provider's stock worth $905,000 after acquiring an additional 15 shares during the period. Intech Investment Management LLC lifted its stake in Texas Pacific Land by 1.6% in the third quarter. Intech Investment Management LLC now owns 1,031 shares of the financial services provider's stock worth $963,000 after acquiring an additional 16 shares during the period. Sei Investments Co. grew its holdings in Texas Pacific Land by 1.1% during the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider's stock worth $1,782,000 after acquiring an additional 20 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in Texas Pacific Land by 5.4% during the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider's stock valued at $383,000 after purchasing an additional 21 shares during the period. 59.94% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction on Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the transaction, the chief financial officer directly owned 12,040 shares of the company's stock, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by company insiders.

Texas Pacific Land Price Performance

TPL opened at $402.58 on Tuesday. The business's 50-day moving average is $396.11 and its two-hundred day moving average is $405.90. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The firm has a market capitalization of $27.77 billion, a PE ratio of 55.05 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. As a group, sell-side analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, June 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 presently 32.88%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Zacks Research downgraded shares of Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 30th. Finally, Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $639.00.

Texas Pacific Land 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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