Mediolanum International Funds Ltd Sells 10,837 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Mediolanum International Funds Ltd reduced its Texas Pacific Land stake by 29.6% in the first quarter, selling 10,837 shares and leaving it with 25,817 shares valued at about $12.1 million.
• Analyst sentiment is cautious: the stock currently carries an average rating of “Reduce,” with a consensus price target of $639.00 after recent downgrades and mixed ratings.
• Texas Pacific Land reported better-than-expected quarterly results, posting EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million, while also paying a quarterly dividend of $0.60 per share.

Mediolanum International Funds Ltd trimmed its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,817 shares of the financial services provider's stock after selling 10,837 shares during the quarter. Mediolanum International Funds Ltd's holdings in Texas Pacific Land were worth $12,066,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. MassMutual Private Wealth & Trust FSB increased 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 valued at $25,000 after acquiring an additional 69 shares during the period. Summit Securities Group LLC lifted its stake 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 worth $25,000 after purchasing an additional 55 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock worth $28,000 after purchasing an additional 63 shares during the last quarter. Quarry LP bought a new stake in Texas Pacific Land during the third quarter valued at about $29,000. Finally, Eagle Bay Advisors LLC bought a new stake in Texas Pacific Land during the fourth quarter valued at about $31,000. Institutional investors own 59.94% of the company's stock.

Wall Street Analysts Forecast Growth

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

Texas Pacific Land Trading Up 0.0%

Shares of TPL stock opened at $415.88 on Monday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The business's fifty day simple moving average is $392.52 and its 200-day simple moving average is $412.88. The company has a market cap of $28.68 billion, a PE ratio of 56.97 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping 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 firm had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. On average, equities analysts forecast 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 declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.60 dividend. 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 dividend payout ratio (DPR) is currently 32.88%.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the business's 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 sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

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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