NewEdge Advisors LLC Grows Holdings in Texas Pacific Land Corporation $TPL

Key Points

• NewEdge Advisors increased its Texas Pacific Land stake by 42.5% in the second quarter, bringing its holdings to 40,904 shares valued at approximately $17.9 million. Institutional investors collectively own 59.94% of TPL.
• TPL shares opened at $365.93, down 2.2%, and remain below their 50-day and 200-day moving averages. The stock has traded between $269.23 and $547.20 over the past year.
• Texas Pacific Land reported quarterly EPS of $2.23, beating estimates by $0.05, while revenue of $246.1 million fell slightly short of expectations. The company declared a quarterly dividend of $0.60, and analysts maintain a consensus “Hold” rating.

NewEdge Advisors LLC boosted its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 42.5% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 40,904 shares of the financial services provider's stock after purchasing an additional 12,207 shares during the period. NewEdge Advisors LLC owned about 0.06% of Texas Pacific Land worth $17,901,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Texas Pacific Land by 39.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock worth $2,570,000 after buying an additional 545 shares during the last quarter. Woodline Partners LP increased its holdings in 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 buying an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in 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 worth $72,000 after buying an additional 12 shares during the last quarter. Marshall Wace LLP raised its position in Texas Pacific Land by 2,177.5% in the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock worth $4,812,000 after acquiring an additional 4,355 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in Texas Pacific Land by 4.7% in the second quarter. Daiwa Securities Group Inc. now owns 2,937 shares of the financial services provider's stock worth $3,103,000 after acquiring an additional 132 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Down 2.2%

Shares of TPL opened at $365.93 on Friday. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The stock has a market cap of $25.24 billion, a PE ratio of 46.63 and a beta of 0.61. The business's 50-day moving average price is $384.32 and its 200-day moving average price is $419.71.

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

Texas Pacific Land Announces Dividend

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

Analyst Ratings Changes

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

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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