Dimensional Fund Advisors LP Has $204.55 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Dimensional Fund Advisors reduced its Texas Pacific Land stake by 3.2% in the first quarter, but still held 431,090 shares valued at about $204.5 million at the end of the period.
• Insider selling was reported as CFO Chris Steddum sold 3,170 shares for about $1.27 million under a pre-arranged trading plan, leaving him with 12,870 shares.
• Texas Pacific Land recently reported quarterly earnings of $2.07 per share, beating estimates, while analysts currently hold a “Reduce” consensus rating with a $639 price target.

Dimensional Fund Advisors LP trimmed its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 3.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 431,090 shares of the financial services provider's stock after selling 14,351 shares during the quarter. Dimensional Fund Advisors LP owned 0.63% of Texas Pacific Land worth $204,549,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock valued at $2,570,000 after purchasing an additional 545 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Texas Pacific Land by 74.1% in the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after acquiring an additional 389 shares during the last quarter. Woodline Partners LP raised its stake in shares of Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock valued at $2,109,000 after acquiring an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after acquiring an additional 12 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Texas Pacific Land by 2,177.5% in the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock worth $4,812,000 after acquiring an additional 4,355 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Insider Activity

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

Analyst Ratings Changes

Several brokerages have issued reports on TPL. Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Zacks Research lowered Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $639.00.

Texas Pacific Land Trading Down 1.4%

Texas Pacific Land stock opened at $419.46 on Friday. The company has a market cap of $28.93 billion, a PE ratio of 57.46 and a beta of 0.58. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The company's 50-day moving average is $395.25 and its two-hundred day moving average is $416.54.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $233.00 million. Research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land's dividend payout ratio is 32.88%.

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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