State of Michigan Retirement System lowered its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 19.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,800 shares of the financial services provider's stock after selling 3,800 shares during the period. State of Michigan Retirement System's holdings in Texas Pacific Land were worth $6,915,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of TPL. Quarry LP acquired a new stake in shares of Texas Pacific Land during the third quarter worth $29,000. Silicon Valley Capital Partners acquired a new position in Texas Pacific Land in the 3rd quarter valued at $33,000. Triumph Capital Management acquired a new position in Texas Pacific Land in the 3rd quarter valued at $36,000. MUFG Securities EMEA plc purchased a new position in Texas Pacific Land during the 2nd quarter worth $59,000. Finally, EverSource Wealth Advisors LLC raised its position in 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 buying an additional 12 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.
Texas Pacific Land Price Performance
TPL opened at $359.22 on Friday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock has a market capitalization of $24.78 billion, a P/E ratio of 45.78 and a beta of 0.60. The business has a 50 day simple moving average of $389.05 and a 200-day simple moving average of $422.15.
Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. Research analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.
Texas Pacific Land Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land's dividend payout ratio is 30.57%.
Insider Buying and Selling at Texas Pacific Land
In other news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction dated Friday, June 5th. The shares were 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 in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several research firms have recently commented on TPL. Zacks Research upgraded shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One 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.com, the stock presently has an average rating of "Hold" and a consensus price target of $639.00.
Read Our Latest Stock Analysis on TPL
About Texas Pacific Land
(
Free Report)
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.
Further Reading
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