Sequoia Financial Advisors LLC Increases Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Sequoia Financial Advisors massively increased its stake in Texas Pacific Land, boosting holdings by 1,358.7% in the first quarter to 22,085 shares valued at about $10.48 million.
• Other institutional investors also raised their positions, and hedge funds and other institutions now own 59.94% of Texas Pacific Land’s stock.
• The company recently beat quarterly earnings estimates, reported $2.07 EPS on revenue of $236.8 million, and paid a quarterly dividend of $0.60 per share, though analyst sentiment remains cautious with an average rating of "Reduce".

Sequoia Financial Advisors LLC grew its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 1,358.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,085 shares of the financial services provider's stock after purchasing an additional 20,571 shares during the period. Sequoia Financial Advisors LLC's holdings in Texas Pacific Land were worth $10,481,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TPL. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock worth $25,000 after purchasing an additional 69 shares during the period. Summit Securities Group LLC increased its stake in Texas Pacific Land by 171.9% in the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock valued at $25,000 after buying an additional 55 shares during the period. IFP Advisors Inc raised its position in Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock worth $28,000 after buying an additional 63 shares during the last quarter. Quarry LP purchased a new position in Texas Pacific Land during the 3rd quarter worth $29,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Texas Pacific Land in the 4th quarter worth $31,000. Hedge funds and other institutional investors own 59.94% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Finally, Zacks Research lowered Texas Pacific Land from a "hold" rating to a "strong sell" rating in a report on Tuesday, June 30th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $639.00.

Insider Transactions at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company's stock.

Texas Pacific Land Price Performance

Shares of NYSE TPL traded up $6.92 during trading on Friday, hitting $397.69. 229,152 shares of the company were exchanged, compared to its average volume of 418,561. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The company has a market cap of $27.43 billion, a price-to-earnings ratio of 54.48 and a beta of 0.58. The firm's fifty day moving average price is $392.89 and its 200 day moving average price is $407.90.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) 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 business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. On average, research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. 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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