Texas Pacific Land Corporation $TPL Shares Sold by CoreCap Advisors LLC

Key Points

• CoreCap Advisors cut its Texas Pacific Land stake by 84.3% in the third quarter, selling 4,382 shares and retaining 815 shares valued at approximately $266,000.
• Institutional ownership remains substantial at 59.94%, with major investors including State Street, First Manhattan, UBS Asset Management and Bank of New York Mellon increasing their positions.
• TPL recently reported adjusted earnings of $2.23 per share, exceeding estimates, while paying a quarterly dividend of $0.60. Analysts have a consensus “Hold” rating and a $639 price target versus the stock’s reported $365.09 price.

CoreCap Advisors LLC lowered its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 84.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 815 shares of the financial services provider's stock after selling 4,382 shares during the period. CoreCap Advisors LLC's holdings in Texas Pacific Land were worth $266,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. State Street Corp increased its stake in shares of Texas Pacific Land by 4.8% during the second quarter. State Street Corp now owns 3,964,748 shares of the financial services provider's stock worth $1,735,132,000 after acquiring an additional 179,791 shares during the period. First Manhattan CO. LLC. boosted its stake in shares of Texas Pacific Land by 200.1% in the fourth quarter. First Manhattan CO. LLC. now owns 1,013,363 shares of the financial services provider's stock valued at $291,058,000 after buying an additional 675,682 shares in the last quarter. Pacific Heights Asset Management LLC purchased a new stake in shares of Texas Pacific Land in the second quarter valued at approximately $258,208,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Texas Pacific Land by 6.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 477,430 shares of the financial services provider's stock valued at $208,942,000 after buying an additional 30,911 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Texas Pacific Land by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 357,379 shares of the financial services provider's stock worth $169,598,000 after acquiring an additional 4,570 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

TPL stock opened at $365.09 on Tuesday. The company's 50 day simple moving average is $359.19 and its 200-day simple moving average is $392.40. The firm has a market capitalization of $25.18 billion, a PE ratio of 46.53 and a beta of 0.58. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating 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%. As a group, sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TPL. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Texas Pacific Land has an average rating of "Hold" and a consensus price target of $639.00.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation NYSE: TPL is a land and resource management company focused on properties and mineral interests in Texas. The company traces its history to the Texas and Pacific Railway, for which the Texas Pacific Land Trust was established in 1888. It was later reorganized as a corporation in 2021.

Texas Pacific Land owns more than 800,000 acres, primarily in West Texas, including substantial holdings in the Permian Basin. Its operations include managing land, granting easements and rights-of-way, and leasing acreage for uses such as oil and gas development, pipelines, power transmission, and other infrastructure.

Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL - Free Report).

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.