Lansforsakringar Fondforvaltning AB publ Buys 6,671 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Lansforsakringar Fondforvaltning AB increased its stake in Texas Pacific Land by 38.3% in the first quarter, buying 6,671 additional shares and lifting its total holding to 24,107 shares worth about $11.44 million.
• Texas Pacific Land saw mixed analyst sentiment: Zacks cut the stock to hold, while the consensus rating remains Hold with an average target price of $639.00.
• The company reported solid quarterly results, with EPS of $2.07 beating estimates and revenue of $236.8 million topping forecasts, while also paying a quarterly dividend of $0.60 per share.

Lansforsakringar Fondforvaltning AB publ grew its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 38.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,107 shares of the financial services provider's stock after purchasing an additional 6,671 shares during the period. Lansforsakringar Fondforvaltning AB publ's holdings in Texas Pacific Land were worth $11,440,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

TPL has been the topic of a number of research reports. Zacks Research cut shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a report on Monday, June 1st. Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Finally, Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Texas Pacific Land has an average rating of "Hold" and a consensus target price of $639.00.

Insider Buying and Selling at Texas Pacific Land

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

Texas Pacific Land Price Performance

TPL opened at $415.58 on Thursday. The firm has a market capitalization of $28.66 billion, a P/E ratio of 56.93 and a beta of 0.58. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company has a fifty day moving average price of $398.13 and a 200-day moving average price of $403.19.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The firm had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. On average, analysts expect 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. Stockholders of record on Monday, June 1st were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) is 32.88%.

About Texas Pacific Land

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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