Ieq Capital LLC Buys New Stake in Texas Pacific Land Corporation $TPL

Key Points

• Ieq Capital LLC purchased 3,051 shares of Texas Pacific Land, valued at approximately $1.34 million, while institutional investors collectively own 59.94% of the company.
• CFO Chris Steddum sold 830 shares for roughly $332,274 under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 6.45%.
• TPL reported quarterly EPS of $2.23, beating estimates, and declared a $0.60 quarterly dividend. Analysts maintain a consensus “Hold” rating, with an average price target of $639.

Ieq Capital LLC purchased a new position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,051 shares of the financial services provider's stock, valued at approximately $1,335,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TPL. Quarry LP bought a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $29,000. Silicon Valley Capital Partners acquired a new position in shares of Texas Pacific Land in the 3rd quarter worth approximately $33,000. Triumph Capital Management bought a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $36,000. MUFG Securities EMEA plc bought a new position in shares of Texas Pacific Land during the 2nd quarter worth approximately $59,000. Finally, EverSource Wealth Advisors LLC boosted its stake in 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 buying an additional 12 shares in the last quarter. Institutional investors own 59.94% of the company's stock.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the sale, the chief financial officer directly owned 12,040 shares in the company, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Texas Pacific Land Trading Down 0.6%

NYSE:TPL opened at $370.59 on Thursday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The firm has a 50 day moving average of $388.87 and a 200-day moving average of $424.13. The stock has a market capitalization of $25.56 billion, a P/E ratio of 47.23 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping analysts' consensus estimates of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The business had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. As a group, analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land's payout ratio is currently 30.57%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research upgraded 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. Based on data from MarketBeat, Texas Pacific Land has a consensus rating of "Hold" and an average price target of $639.00.

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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