Texas Pacific Land (NYSE:TPL) CFO Chris Steddum Sells 3,170 Shares

Key Points

• Texas Pacific Land CFO Chris Steddum sold shares twice in early June, including 3,170 shares on June 5 for about $1.27 million and 830 shares on June 8 for about $332,274. The June 5 sale reduced his holdings by nearly 20% and was made under a pre-arranged Rule 10b5-1 trading plan.
• TPL shares fell to $381.58 in Tuesday trading, down $14.56, with volume below its average. The stock remains well above its 52-week low but below its recent 50-day average.
• The company continues to show strong fundamentals, posting $2.07 EPS on revenue of $236.8 million in its latest quarter, both ahead of estimates. Texas Pacific Land also announced a quarterly dividend of $0.60 per share, or $2.40 annualized.

Texas Pacific Land Corporation (NYSE:TPL - Get Free Report) CFO Chris Steddum sold 3,170 shares of the stock in a transaction on 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 transaction, the chief financial officer 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 legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chris Steddum also recently made the following trade(s):

• On Monday, June 8th, Chris Steddum sold 830 shares of Texas Pacific Land stock. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90.

Texas Pacific Land Stock Performance

TPL stock traded down $14.56 during trading on Tuesday, hitting $381.58. 368,575 shares of the company's stock traded hands, compared to its average volume of 487,491. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The business has a fifty day simple moving average of $417.86 and a 200 day simple moving average of $393.07. The stock has a market capitalization of $26.32 billion, a price-to-earnings ratio of 52.27 and a beta of 0.61.

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

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) is 32.88%.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TPL. Bar Harbor Wealth Management grew its position in shares of Texas Pacific Land by 195.1% in the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock worth $10,591,000 after buying an additional 24,379 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in shares of Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock worth $5,231,000 after buying an additional 12,390 shares during the last quarter. Schwartz Investment Counsel Inc. grew its position in shares of Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock worth $136,459,000 after buying an additional 321,683 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Texas Pacific Land by 192.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock worth $38,410,000 after buying an additional 88,053 shares during the last quarter. Finally, New York State Teachers Retirement System grew its position in shares of Texas Pacific Land by 184.1% in the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider's stock worth $11,156,000 after buying an additional 25,170 shares during the last quarter. Institutional investors own 59.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Zacks Research lowered shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a report on Monday, June 1st. 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. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Finally, KeyCorp raised their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Texas Pacific Land currently has an average rating of "Hold" and a consensus target price of $639.00.

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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