Wellington Management Group LLP Sells 25,439 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Wellington Management cut its Texas Pacific Land stake by 55.5% in the second quarter, selling 25,439 shares and retaining 20,367 shares valued at approximately $8.9 million. Institutional investors collectively own 59.94% of TPL.
• TPL shares opened at $382.39, up 5.5%, with a $26.37 billion market capitalization and a 52-week range of $269.23 to $547.20. Analysts maintain a consensus “Hold” rating with a $639 price target.
• The company exceeded quarterly EPS expectations, reporting $2.23 versus the $2.18 consensus, while revenue of $246.1 million fell slightly short of estimates. Texas Pacific Land also declared a quarterly dividend of $0.60 per share, representing a 0.6% yield.

Wellington Management Group LLP decreased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 55.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,367 shares of the financial services provider's stock after selling 25,439 shares during the quarter. Wellington Management Group LLP's holdings in Texas Pacific Land were worth $8,913,000 as of its most recent SEC filing.

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

Texas Pacific Land Trading Up 5.5%

TPL opened at $382.39 on Wednesday. The company's 50 day moving average is $385.99 and its 200-day moving average is $421.44. The company has a market cap of $26.37 billion, a P/E ratio of 48.73 and a beta of 0.61. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) 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 company had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. On average, equities analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land's payout ratio is 30.57%.

Analysts Set New Price Targets

TPL has been the topic of a number of analyst reports. Zacks Research upgraded shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $639.00.

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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