IPG Investment Advisors LLC Sells 3,689 Shares of Texas Pacific Land Corporation $TPL

Key Points

• IPG Investment Advisors reduced its Texas Pacific Land stake by 31.2% in the second quarter, selling 3,689 shares and retaining 8,130 shares valued at approximately $3.56 million. Institutional investors collectively own 59.94% of TPL.
• Texas Pacific Land reported quarterly EPS of $2.23, exceeding analyst expectations of $2.18, while revenue of $246.1 million fell slightly short of estimates. The company posted a 60.32% net margin and 35.76% return on equity.
• TPL shares opened at $373.34, below their 50-day and 200-day moving averages, while analysts maintain a consensus “Hold” rating and a $639 target price. The company also declared a quarterly dividend of $0.60 per share, equivalent to a 0.6% yield.

IPG Investment Advisors LLC trimmed its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 31.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,130 shares of the financial services provider's stock after selling 3,689 shares during the period. IPG Investment Advisors LLC's holdings in Texas Pacific Land were worth $3,558,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in shares of Texas Pacific Land by 143.0% in the first quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider's stock worth $125,635,000 after buying an additional 155,781 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Texas Pacific Land by 200.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider's stock valued at $2,714,000 after acquiring an additional 6,307 shares in the last quarter. Schwartz Investment Counsel Inc. increased its holdings in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock valued at $136,459,000 after acquiring an additional 321,683 shares during the last quarter. Jefferies Financial Group Inc. increased its holdings in Texas Pacific Land by 152.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 25,266 shares of the financial services provider's stock valued at $7,257,000 after acquiring an additional 15,251 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Texas Pacific Land by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 357,379 shares of the financial services provider's stock worth $169,598,000 after purchasing an additional 4,570 shares in the last quarter. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Performance

TPL opened at $373.34 on Thursday. The stock's 50 day moving average price is $385.14 and its 200-day moving average price is $420.65. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The stock has a market cap of $25.75 billion, a price-to-earnings ratio of 47.58 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating 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 company had revenue of $246.10 million during the quarter, compared to analysts' expectations of $249.50 million. As a group, analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company 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 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 30.57%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TPL. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land Profile

Texas Pacific Land Corporation NYSE: TPL is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.

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