Corient Private Wealth LP Purchases New Holdings in Texas Pacific Land Corporation $TPL

Corient Private Wealth LP acquired a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 16,913 shares of the financial services provider's stock, valued at approximately $7,402,000.

Other hedge funds have also recently bought and sold shares of the company. Summit Securities Group LLC raised its position in shares of Texas Pacific Land by 171.9% during the fourth 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 lifted its position in Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 63 shares during the period. Quarry LP bought a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $29,000. Los Angeles Capital Management LLC acquired a new stake in shares of Texas Pacific Land during the 4th quarter worth approximately $31,000. Finally, Silicon Valley Capital Partners bought a new stake in shares of Texas Pacific Land during the third quarter worth approximately $33,000. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $364.29 on Monday. The firm has a market capitalization of $25.13 billion, a price-to-earnings ratio of 46.43 and a beta of 0.60. The company's 50 day simple moving average is $389.35 and its 200 day simple moving average is $424.08. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $246.10 million for the quarter, compared to analysts' expectations of $249.50 million. As a group, analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

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 paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land's payout ratio is presently 30.57%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the sale, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. 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. Insiders own 6.90% of the company's stock.

Analysts Set New Price Targets

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