NewEdge Wealth LLC Makes New $2.49 Million Investment in Texas Pacific Land Corporation $TPL

Key Points

• NewEdge Wealth acquired 5,685 shares of Texas Pacific Land in the second quarter, valued at approximately $2.49 million. Institutional investors and hedge funds collectively own 59.94% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $639. TPL recently traded at $367.77, down 1.4%.
• Texas Pacific Land exceeded quarterly earnings expectations, reporting $2.23 in adjusted earnings per share versus a $2.18 estimate. The company also declared a quarterly dividend of $0.60 per share, representing a 0.7% yield.

NewEdge Wealth LLC purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,685 shares of the financial services provider's stock, valued at approximately $2,488,000.

Other institutional investors have also modified their holdings of the company. Quarry LP acquired a new position in Texas Pacific Land during the 3rd quarter worth about $29,000. Silicon Valley Capital Partners acquired a new position in Texas Pacific Land in the 3rd quarter valued at about $33,000. Triumph Capital Management purchased a new stake in Texas Pacific Land during the third quarter worth about $36,000. MUFG Securities EMEA plc purchased a new stake in Texas Pacific Land during the second quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC lifted 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 worth $72,000 after purchasing an additional 12 shares in the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the transaction, the chief financial officer owned 12,040 shares in the company, valued at $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 available 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.

Analyst Upgrades and Downgrades

TPL has been the subject of several recent research reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research raised shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $639.00.

Texas Pacific Land Trading Down 1.4%

NYSE:TPL opened at $367.77 on Friday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The firm has a market cap of $25.37 billion, a PE ratio of 46.87 and a beta of 0.60. The stock has a fifty day moving average price of $387.90 and a 200 day moving average price of $423.17.

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

Texas Pacific Land Dividend Announcement

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 dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio is presently 30.57%.

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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