Hodges Capital Management Inc. Sells 4,194 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Hodges Capital Management reduced its Texas Pacific Land position by 4%, selling 4,194 shares and retaining 101,121 shares worth approximately $44.3 million. The stock remains the fund’s third-largest holding, representing 2.9% of its portfolio.
• Analyst sentiment is largely neutral, with one Buy, two Hold, and one Sell rating; the consensus rating is Hold with an average price target of $639. Institutional investors own approximately 59.94% of TPL.
• Texas Pacific Land reported quarterly earnings of $2.23 per share, exceeding estimates, while revenue slightly missed expectations. The company also declared a quarterly dividend of $0.60 per share, yielding about 0.7% annually.

Hodges Capital Management Inc. lessened its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 4.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 101,121 shares of the financial services provider's stock after selling 4,194 shares during the period. Texas Pacific Land comprises 2.9% of Hodges Capital Management Inc.'s holdings, making the stock its 3rd biggest holding. Hodges Capital Management Inc. owned approximately 0.15% of Texas Pacific Land worth $44,254,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Quarry LP bought a new position in shares of Texas Pacific Land in the third quarter worth about $29,000. Silicon Valley Capital Partners acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $33,000. Triumph Capital Management bought a new stake in shares of Texas Pacific Land during the 3rd quarter valued at approximately $36,000. MUFG Securities EMEA plc bought a new stake in shares of Texas Pacific Land during the 2nd quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC increased its position in 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 purchasing an additional 12 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Analyst Upgrades and Downgrades

TPL has been the subject of several research reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research raised shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $639.00.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of the business'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 sale, the chief financial officer owned 12,040 shares of the company's stock, valued at $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 corporate insiders.

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $359.22 on Friday. The company has a 50 day simple moving average of $389.05 and a 200 day simple moving average of $422.15. 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 cap of $24.78 billion, a PE ratio of 45.78 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its 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 firm had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. As a group, research analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land's payout ratio is 30.57%.

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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