Family Manage LLC Purchases 5,849 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Family Manage LLC more than doubled its Texas Pacific Land position in the first quarter, acquiring 5,849 shares for a total of 10,985 shares valued at approximately $5.21 million. Institutional investors collectively own 59.94% of TPL.
• Analyst sentiment remains cautious: TPL has a consensus rating of “Reduce”, with one Buy, one Hold, and two Sell ratings and a consensus price target of $639. Zacks Research downgraded the stock to “strong sell.”
• TPL reported first-quarter earnings of $2.07 per share, exceeding estimates, while revenue reached $236.8 million. The company also paid a quarterly dividend of $0.60 per share, equivalent to a 0.6% yield.

Family Manage LLC boosted its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 113.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,985 shares of the financial services provider's stock after acquiring an additional 5,849 shares during the period. Family Manage LLC's holdings in Texas Pacific Land were worth $5,213,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TPL. EverSource Wealth Advisors LLC boosted its stake 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 valued at $72,000 after purchasing an additional 12 shares during the last quarter. Sei Investments Co. boosted its stake in Texas Pacific Land by 1.1% in the third quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider's stock valued at $1,782,000 after acquiring an additional 20 shares during the last quarter. Larson Financial Group LLC boosted its stake in Texas Pacific Land by 5.4% in the third quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider's stock valued at $383,000 after acquiring an additional 21 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Texas Pacific Land by 1.3% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider's stock worth $1,789,000 after acquiring an additional 24 shares during the period. Finally, Van ECK Associates Corp raised its position in shares of Texas Pacific Land by 0.5% during the 3rd quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider's stock valued at $4,374,000 after acquiring an additional 24 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TPL has been the topic of a number of analyst reports. 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 cut Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $639.00.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 830 shares of the company's 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 completion of the transaction, the chief financial officer directly owned 12,040 shares of the company's stock, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company's stock.

Texas Pacific Land Stock Performance

Shares of TPL stock opened at $419.46 on Monday. The company has a market capitalization of $28.93 billion, a P/E ratio of 57.46 and a beta of 0.58. The company's 50 day moving average price is $395.25 and its two-hundred day moving average price is $417.38. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

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

Texas Pacific Land Company 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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