Sei Investments Co. Buys 43,691 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Sei Investments Co. increased its stake in Texas Pacific Land by 61.7% in the first quarter, buying 43,691 additional shares and bringing its total holding to 114,464 shares worth about $54.3 million.
• Institutional ownership remains significant, with hedge funds and other investors holding 59.94% of the company’s stock. Several firms made small additions to their positions during recent quarters.
• Analyst sentiment is cautious: Zacks Research cut TPL to “strong sell,” and MarketBeat shows a consensus rating of “Reduce” with a target price of $639, even as the company recently beat quarterly EPS and revenue estimates.

Sei Investments Co. boosted its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 61.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 114,464 shares of the financial services provider's stock after purchasing an additional 43,691 shares during the quarter. Sei Investments Co. owned about 0.17% of Texas Pacific Land worth $54,320,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TPL. EverSource Wealth Advisors LLC boosted its stake 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 valued at $72,000 after buying an additional 12 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Texas Pacific Land by 5.4% during the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider's stock valued at $383,000 after buying an additional 21 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Texas Pacific Land by 1.3% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider's stock valued at $1,789,000 after acquiring an additional 24 shares during the last quarter. Van ECK Associates Corp grew its position in Texas Pacific Land by 0.5% in the third quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider's stock worth $4,374,000 after acquiring an additional 24 shares in the last quarter. Finally, SwitchPoint Financial Planning LLC increased its stake in Texas Pacific Land by 2.2% during the first quarter. SwitchPoint Financial Planning LLC now owns 1,158 shares of the financial services provider's stock worth $550,000 after acquiring an additional 25 shares during the last quarter. Institutional investors own 59.94% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TPL shares. Zacks Research lowered Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 30th. 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 research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $639.00.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the 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 sale, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by company insiders.

Texas Pacific Land Stock Performance

NYSE TPL opened at $419.46 on Friday. The company has a market cap of $28.93 billion, a PE ratio of 57.46 and a beta of 0.58. The firm's 50 day moving average price is $395.25 and its 200-day moving average price is $416.54. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results 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 company had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. On average, analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date was Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) is 32.88%.

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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