National Pension Service Sells 8,121 Shares of Texas Pacific Land Corporation $TPL

Key Points

• National Pension Service cut its Texas Pacific Land stake by 49.1% in the second quarter, selling 8,121 shares and retaining 8,428 shares worth approximately $3.69 million.
• Institutional ownership remains significant at 59.94%, with several funds increasing their positions, including Marshall Wace, which boosted its holdings by more than 2,177%.
• Analysts maintain a consensus “Hold” rating with a $639 price target. Texas Pacific Land reported quarterly EPS of $2.23, slightly above estimates, and declared a $0.60 quarterly dividend yielding about 0.7%.

National Pension Service decreased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 49.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,428 shares of the financial services provider's stock after selling 8,121 shares during the period. National Pension Service's holdings in Texas Pacific Land were worth $3,688,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Texas Pacific Land by 39.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock valued at $2,570,000 after purchasing an additional 545 shares during the period. NewEdge Advisors LLC boosted its holdings in Texas Pacific Land by 74.1% in the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock worth $1,211,000 after buying an additional 389 shares during the period. Woodline Partners LP grew its position in shares of Texas Pacific Land by 40.8% during the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock worth $2,109,000 after purchasing an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Texas Pacific Land by 21.4% during the second 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 during the last quarter. Finally, Marshall Wace LLP increased its holdings in Texas Pacific Land by 2,177.5% in the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock valued at $4,812,000 after acquiring an additional 4,355 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on TPL shares. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Texas Pacific Land presently has a consensus rating of "Hold" and a consensus price target of $639.00.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $368.79 on Monday. The stock has a market cap of $25.44 billion, a price-to-earnings ratio of 47.00 and a beta of 0.61. The firm has a 50-day moving average of $383.55 and a two-hundred day moving average of $418.76. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The firm had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. Research analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio is currently 30.57%.

Texas Pacific Land Profile

Texas Pacific Land Corporation NYSE: TPL is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.

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