Texas Pacific Land Corporation $TPL Position Reduced by Lunt Capital Management Inc.

Key Points

• Lunt Capital Management reduced its Texas Pacific Land position by 23.4% in the second quarter, selling 5,769 shares and retaining 18,906 shares valued at approximately $8.27 million. Institutional investors collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly EPS of $2.23, beating estimates of $2.18, while revenue of $246.1 million fell short of the $249.5 million consensus forecast. The company announced a quarterly dividend of $0.60 per share, representing a 0.7% yield.
• TPL shares opened at $359.22, with analysts maintaining a consensus “Hold” rating despite an average price target of $639. The stock has a 52-week range of $269.23 to $547.20.

Lunt Capital Management Inc. decreased its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 23.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 18,906 shares of the financial services provider's stock after selling 5,769 shares during the period. Texas Pacific Land comprises approximately 3.0% of Lunt Capital Management Inc.'s portfolio, making the stock its 7th biggest holding. Lunt Capital Management Inc.'s holdings in Texas Pacific Land were worth $8,274,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Pictet Asset Management Holding SA raised its stake in shares of Texas Pacific Land by 4.6% during the 2nd quarter. Pictet Asset Management Holding SA now owns 24,355 shares of the financial services provider's stock worth $10,659,000 after buying an additional 1,064 shares during the last quarter. Ascentis Wealth Management LLC acquired a new stake in Texas Pacific Land in the 2nd quarter valued at about $249,000. Chicago Partners Investment Group LLC grew its stake in Texas Pacific Land by 41.3% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 1,900 shares of the financial services provider's stock valued at $809,000 after acquiring an additional 555 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Texas Pacific Land by 0.9% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 125,579 shares of the financial services provider's stock valued at $54,958,000 after acquiring an additional 1,177 shares in the last quarter. Finally, Diversify Wealth Management LLC increased its holdings in Texas Pacific Land by 14.8% during the 2nd quarter. Diversify Wealth Management LLC now owns 2,524 shares of the financial services provider's stock valued at $1,105,000 after acquiring an additional 326 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Up 3.5%

NYSE TPL opened at $359.22 on Friday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The business has a fifty day moving average of $389.05 and a 200-day moving average of $422.15. The stock has a market cap of $24.78 billion, a price-to-earnings ratio of 45.78 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating analysts' consensus estimates of $2.18 by $0.05. The business 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%. As a group, analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio is 30.57%.

Analyst Ratings Changes

Several analysts have issued reports on TPL shares. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research upgraded shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $639.00.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the firm's stock in a transaction dated 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 sale, the chief financial officer directly owned 12,870 shares of the company's stock, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company's stock.

About Texas Pacific Land

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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