KLCM Advisors Inc. Sells 3,500 Shares of Texas Pacific Land Corporation $TPL

Key Points

• KLCM Advisors Inc. cut its stake in Texas Pacific Land by 11.9% in the first quarter, selling 3,500 shares and leaving it with 25,990 shares valued at about $12.3 million.
• Texas Pacific Land also saw an insider sale, with CFO Chris Steddum selling 830 shares on June 8 for roughly $332,274 under a pre-arranged trading plan.
• The company posted better-than-expected earnings for the latest quarter, and its stock was trading up 1.8% to $397.69; analysts currently have a mixed view with a consensus rating of “Reduce.”

KLCM Advisors Inc. trimmed its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 11.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,990 shares of the financial services provider's stock after selling 3,500 shares during the quarter. Texas Pacific Land makes up approximately 1.0% of KLCM Advisors Inc.'s holdings, making the stock its 25th biggest position. KLCM Advisors Inc.'s holdings in Texas Pacific Land were worth $12,334,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Texas Pacific Land by 363.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock worth $25,000 after acquiring an additional 69 shares during the last quarter. Summit Securities Group LLC raised its holdings in shares of Texas Pacific Land by 171.9% in the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 55 shares in the last quarter. IFP Advisors Inc increased its position in Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 63 shares during the period. Quarry LP purchased a new position in Texas Pacific Land during the third quarter valued at approximately $29,000. Finally, Eagle Bay Advisors LLC bought a new stake in Texas Pacific Land during the 4th quarter valued at $31,000. 59.94% of the stock is owned by institutional investors.

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 transaction of $332,273.90. Following the completion of the transaction, the chief financial officer owned 12,040 shares in the company, valued at approximately $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 accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Wall Street Analysts Forecast Growth

TPL has been the topic of a number of recent analyst reports. Zacks Research downgraded Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 30th. Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Finally, Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $639.00.

Texas Pacific Land Trading Up 1.8%

TPL stock traded up $6.92 during mid-day trading on Friday, reaching $397.69. The company's stock had a trading volume of 229,152 shares, compared to its average volume of 418,561. The company's 50 day moving average is $392.89 and its two-hundred day moving average is $407.90. The stock has a market cap of $27.43 billion, a PE ratio of 54.48 and a beta of 0.58. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. On average, analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a dividend of $0.60 per share. 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 presently 32.88%.

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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