North Point Portfolio Managers Corp OH Trims Position in Texas Pacific Land Corporation $TPL

Key Points

• North Point Portfolio Managers cut its Texas Pacific Land stake by 17.7% in the first quarter, selling 6,284 shares and ending with 29,173 shares valued at about $13.84 million.
• Insider selling also took place, with CFO Chris Steddum selling 3,170 shares on June 5 for about $1.27 million under a pre-arranged Rule 10b5-1 plan.
• Texas Pacific Land recently beat earnings expectations, reporting $2.07 EPS versus $2.03 expected, while also paying a quarterly dividend of $0.60 and maintaining a consensus analyst rating of Hold.

North Point Portfolio Managers Corp OH decreased its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 17.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,173 shares of the financial services provider's stock after selling 6,284 shares during the quarter. Texas Pacific Land makes up 2.5% of North Point Portfolio Managers Corp OH's portfolio, making the stock its 17th biggest holding. North Point Portfolio Managers Corp OH's holdings in Texas Pacific Land were worth $13,844,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Texas Pacific Land by 39.1% in the first 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. NewEdge Advisors LLC raised its position in Texas Pacific Land by 74.1% in the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock worth $1,211,000 after acquiring an additional 389 shares during the period. Woodline Partners LP raised its position in Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock worth $2,109,000 after acquiring an additional 461 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after acquiring an additional 12 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Texas Pacific Land by 2,177.5% during the 2nd 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 last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Texas Pacific Land

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

Texas Pacific Land Price Performance

TPL opened at $436.01 on Wednesday. The company has a 50 day simple moving average of $398.52 and a two-hundred day simple moving average of $402.36. The firm has a market cap of $30.07 billion, a P/E ratio of 59.73 and a beta of 0.61. 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 released its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Equities analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, June 1st. Texas Pacific Land's payout ratio is presently 32.88%.

Analyst Ratings Changes

Several research firms have recently commented on TPL. Zacks Research lowered Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Finally, Weiss Ratings upgraded 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, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Texas Pacific Land currently 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 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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