Lido Advisors LLC Purchases 24,281 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Lido Advisors LLC boosted its Texas Pacific Land position by 123.1% in the first quarter, buying 24,281 additional shares and bringing its total holding to 44,013 shares valued at about $20.9 million.
• Texas Pacific Land reported strong quarterly results, with EPS of $2.07 and revenue of $236.8 million, both slightly ahead of analyst expectations. The company also posted a high return on equity of 35.52% and net margin of 60.03%.
• The company declared a quarterly dividend of $0.60 per share and paid it on June 15, equal to an annualized $2.40 dividend yield of about 0.6%. Meanwhile, analysts currently have a consensus rating of “Reduce” with a target price of $639.00.

Lido Advisors LLC increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 123.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,013 shares of the financial services provider's stock after purchasing an additional 24,281 shares during the period. Lido Advisors LLC owned about 0.06% of Texas Pacific Land worth $20,887,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Quarry LP bought a new position in Texas Pacific Land in the third quarter worth $29,000. Silicon Valley Capital Partners acquired a new stake in Texas Pacific Land during the third quarter worth $33,000. Triumph Capital Management bought a new stake in Texas Pacific Land in the 3rd quarter valued at $36,000. MUFG Securities EMEA plc bought a new stake in Texas Pacific Land in the 2nd quarter valued at $59,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of 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. 59.94% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction dated 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 directly owned 12,040 shares of the company's stock, valued at $4,819,973.20. This trade represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

Texas Pacific Land Price Performance

Shares of NYSE:TPL opened at $425.58 on Friday. The business's fifty day moving average price is $394.58 and its two-hundred day moving average price is $416.52. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The stock has a market capitalization of $29.35 billion, a price-to-earnings ratio of 58.30 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Research analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land's dividend payout ratio (DPR) is 32.88%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Zacks Research lowered shares of Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of "Reduce" and a consensus target price of $639.00.

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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