Danica Pension Livsforsikringsaktieselskab Makes New Investment in Texas Pacific Land Corporation $TPL

Key Points

• Danica Pension acquired 8,018 shares of Texas Pacific Land in the second quarter, valued at approximately $3.5 million. Institutional investors and hedge funds collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly earnings of $2.23 per share, exceeding estimates of $2.18, while revenue of $246.1 million fell slightly short of expectations. Shares recently opened at $365.48, well below their 52-week high of $547.20.
• The company declared a quarterly dividend of $0.60 per share, equivalent to an annualized $2.40 payout and a 0.7% yield. Analysts maintain a consensus “Hold” rating, with a $639 average price target.

Danica Pension Livsforsikringsaktieselskab bought a new stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,018 shares of the financial services provider's stock, valued at approximately $3,509,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Danske Bank A S acquired a new position in shares of Texas Pacific Land in the 2nd quarter worth approximately $135,000. Diversify Advisory Services LLC bought a new position in shares of Texas Pacific Land in the second quarter worth about $1,001,000. First National Bank of Omaha acquired a new position in shares of Texas Pacific Land during the second quarter worth approximately $394,000. Citizens Financial Group Inc. RI lifted its position in shares of Texas Pacific Land by 18.2% during the second quarter. Citizens Financial Group Inc. RI now owns 2,432 shares of the financial services provider's stock worth $1,064,000 after purchasing an additional 374 shares in the last quarter. Finally, Pallas Capital Advisors LLC lifted its position in shares of Texas Pacific Land by 37.2% during the second quarter. Pallas Capital Advisors LLC now owns 609 shares of the financial services provider's stock worth $267,000 after purchasing an additional 165 shares in the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

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 on 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 transaction, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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

Shares of NYSE:TPL opened at $365.48 on Wednesday. The stock has a market cap of $25.21 billion, a price-to-earnings ratio of 46.58 and a beta of 0.60. The company has a 50 day moving average of $388.01 and a 200-day moving average of $422.89. 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 announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, beating 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. Equities research analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current 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 given a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land's payout ratio is presently 30.57%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TPL shares. Zacks Research raised shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Texas Pacific Land has an average rating of "Hold" and a consensus price target 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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