TD Asset Management Inc Reduces Holdings in Texas Pacific Land Corporation $TPL

Key Points

• TD Asset Management reduced its Texas Pacific Land stake by 19.7% in the second quarter, selling 74,738 shares and retaining 303,908 shares worth approximately $133 million. Institutional investors collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly earnings of $2.23 per share, beating estimates of $2.18, while revenue of $246.1 million fell slightly short of expectations. The company declared a quarterly dividend of $0.60 per share, representing a 0.7% yield.
• Analysts maintain a consensus “Hold” rating on TPL, with one Buy, two Hold and one Sell recommendation; the average price target is $639, compared with a recent share price of $359.22.

TD Asset Management Inc reduced its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 19.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 303,908 shares of the financial services provider's stock after selling 74,738 shares during the quarter. TD Asset Management Inc owned about 0.44% of Texas Pacific Land worth $133,002,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Summit Securities Group LLC grew its holdings in shares of Texas Pacific Land by 171.9% during the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock worth $25,000 after purchasing an additional 55 shares during the last quarter. IFP Advisors Inc increased its position in shares of Texas Pacific Land by 185.3% during the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock worth $28,000 after purchasing an additional 63 shares in the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land in the 3rd quarter valued at about $29,000. Los Angeles Capital Management LLC purchased a new stake in shares of Texas Pacific Land in the 4th quarter valued at about $31,000. Finally, Silicon Valley Capital Partners acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at about $33,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

NYSE TPL opened at $359.22 on Friday. The firm has a market cap of $24.78 billion, a PE ratio of 45.78 and a beta of 0.60. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The firm's fifty day moving average is $389.05 and its two-hundred day moving average is $422.15.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. Research analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders 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 annualized dividend and a yield of 0.7%. Texas Pacific Land's dividend payout ratio is currently 30.57%.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the sale, the chief financial officer directly owned 12,040 shares of the company's stock, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TPL. Weiss Ratings restated a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source