State of New Jersey Common Pension Fund D Has $8.84 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Texas Pacific Land Corporation by 9.9%, now owning 6,671 shares worth approximately $8.84 million.
• Texas Pacific Land recently reported earnings of $5.05 per share, which missed analysts' consensus estimates by $0.43, with revenue coming in at $187.54 million versus expectations of $198 million.
• The company declared a quarterly dividend of $1.60 per share, with a scheduled payment date of September 16th, 2023, marking a dividend yield of 0.7%.

State of New Jersey Common Pension Fund D lessened its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 9.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 6,671 shares of the financial services provider's stock after selling 732 shares during the period. State of New Jersey Common Pension Fund D's holdings in Texas Pacific Land were worth $8,839,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of TPL. Hemington Wealth Management lifted its position in shares of Texas Pacific Land by 66.7% during the 1st quarter. Hemington Wealth Management now owns 20 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 8 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Texas Pacific Land by 110.0% in the first quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 11 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Texas Pacific Land in the first quarter valued at $28,000. Allworth Financial LP lifted its holdings in shares of Texas Pacific Land by 42.1% in the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 8 shares in the last quarter. Finally, GW&K Investment Management LLC lifted its holdings in shares of Texas Pacific Land by 237.5% in the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 19 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Activity

In other Texas Pacific Land news, Director Eric L. Oliver bought 100 shares of Texas Pacific Land stock in a transaction dated Thursday, August 14th. The stock was bought at an average price of $915.00 per share, for a total transaction of $91,500.00. Following the completion of the acquisition, the director directly owned 393,400 shares of the company's stock, valued at approximately $359,961,000. This trade represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders acquired a total of 230 shares of company stock valued at $238,038 in the last ninety days. 6.50% of the stock is owned by corporate insiders.

Texas Pacific Land Stock Up 3.3%

Shares of TPL traded up $28.9770 during mid-day trading on Friday, reaching $909.2570. The company's stock had a trading volume of 71,907 shares, compared to its average volume of 138,132. The business has a fifty day moving average of $991.59 and a 200 day moving average of $1,192.19. The company has a market cap of $20.90 billion, a price-to-earnings ratio of 45.33 and a beta of 1.14. Texas Pacific Land Corporation has a 1 year low of $766.51 and a 1 year high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.48 by ($0.43). The business had revenue of $187.54 million during the quarter, compared to analysts' expectations of $198.00 million. Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued a $1.60 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land's dividend payout ratio is presently 31.90%.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.