Texas Pacific Land Corporation $TPL Stock Holdings Trimmed by First Dallas Securities Inc.

Key Points

• First Dallas Securities trimmed its Texas Pacific Land stake by 7.9% in the first quarter, selling 5,100 shares. The fund still held 59,555 shares valued at about $28.3 million, making TPL its second-largest position.
• Texas Pacific Land reported better-than-expected quarterly results, with EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million versus $233 million expected. The company also posted strong profitability metrics, including a 35.52% return on equity and a 60.03% net margin.
• Analyst sentiment remains cautious, with consensus rating of “Reduce” and an average price target of $639.00. Separately, CFO Chris Steddum sold 830 shares in a pre-arranged transaction, while the company paid a quarterly dividend of $0.60 per share.

First Dallas Securities Inc. reduced its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,555 shares of the financial services provider's stock after selling 5,100 shares during the period. Texas Pacific Land accounts for about 10.5% of First Dallas Securities Inc.'s portfolio, making the stock its 2nd largest holding. First Dallas Securities Inc. owned approximately 0.09% of Texas Pacific Land worth $28,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in TPL. New York State Teachers Retirement System lifted its position in Texas Pacific Land by 10.4% during the first quarter. New York State Teachers Retirement System now owns 42,867 shares of the financial services provider's stock worth $20,343,000 after buying an additional 4,026 shares in the last quarter. Sierra Summit Advisors LLC purchased a new stake in Texas Pacific Land in the 1st quarter valued at $1,223,000. Private Advisor Group LLC grew its holdings in Texas Pacific Land by 3.5% in the 1st quarter. Private Advisor Group LLC now owns 13,959 shares of the financial services provider's stock valued at $6,624,000 after buying an additional 468 shares in the last quarter. Keybank National Association OH acquired a new stake in shares of Texas Pacific Land in the 1st quarter worth $245,000. Finally, Root Financial Partners LLC increased its stake in shares of Texas Pacific Land by 16.0% in the 1st quarter. Root Financial Partners LLC now owns 494 shares of the financial services provider's stock worth $234,000 after acquiring an additional 68 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TPL has been the topic of several recent research reports. Zacks Research cut shares of Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Finally, Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $639.00.

Texas Pacific Land Stock Up 0.0%

Shares of Texas Pacific Land stock opened at $407.29 on Friday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The business's fifty day simple moving average is $396.85 and its 200-day simple moving average is $404.11. The firm has a market cap of $28.09 billion, a PE ratio of 55.79 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. As a group, equities analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land's dividend payout ratio (DPR) is currently 32.88%.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares of the company's stock, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Texas Pacific Land Company 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.

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