Louisiana State Employees Retirement System Purchases Shares of 3,000 Texas Pacific Land Corporation $TPL

Key Points

• Louisiana State Employees Retirement System initiated a new position in Texas Pacific Land, buying 3,000 shares in the first quarter worth about $1.424 million.
• Insider activity included CFO Chris Steddum selling 3,170 shares for roughly $1.27 million through a pre-arranged trading plan, leaving him with 12,870 shares.
• The stock has a mixed analyst outlook, with one Buy, one Hold, and two Sell ratings, resulting in a consensus rating of “Reduce” and an average price target of $639.

Louisiana State Employees Retirement System bought a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,000 shares of the financial services provider's stock, valued at approximately $1,424,000.

A number of other hedge funds and other institutional investors have also modified their holdings of TPL. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock worth $25,000 after buying an additional 69 shares during the period. Summit Securities Group LLC grew its holdings in shares of Texas Pacific Land by 171.9% during the 4th 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 grew its stake in Texas Pacific Land by 185.3% in the fourth 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 in the last quarter. Quarry LP bought a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $29,000. Finally, Eagle Bay Advisors LLC bought a new stake in Texas Pacific Land in the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Activity

In other news, CFO Chris Steddum sold 3,170 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. The trade was a 19.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TPL. Zacks Research downgraded Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research note on Tuesday. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Finally, Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. 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 company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $639.00.

Texas Pacific Land Price Performance

NYSE TPL opened at $407.29 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The firm has a market cap of $28.09 billion, a PE ratio of 55.79 and a beta of 0.58. The stock's 50 day simple moving average is $397.50 and its 200 day simple moving average is $404.09.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. As a group, equities analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land's dividend payout ratio (DPR) 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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