Chris Steddum Sells 830 Shares of Texas Pacific Land (NYSE:TPL) Stock

Texas Pacific Land Corporation (NYSE:TPL) CFO Chris Steddum sold 830 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the transaction, the chief financial officer owned 12,040 shares in the company, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, June 5th, Chris Steddum sold 3,170 shares of Texas Pacific Land stock. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $376.68 on Thursday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The stock has a market cap of $25.98 billion, a PE ratio of 51.60 and a beta of 0.61. The firm’s 50-day simple moving average is $413.41 and its 200 day simple moving average is $394.21.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $233.00 million. As a group, analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

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

Analyst Ratings Changes

Several research firms recently weighed in on TPL. Zacks Research cut shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Finally, KeyCorp increased their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $639.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its position in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 12 shares during the period. Jones Financial Companies Lllp grew its position in shares of Texas Pacific Land by 9.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 168 shares of the financial services provider’s stock valued at $160,000 after acquiring an additional 14 shares during the period. Northwestern Mutual Investment Management Company LLC grew its position in shares of Texas Pacific Land by 2.5% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 616 shares of the financial services provider’s stock valued at $575,000 after acquiring an additional 15 shares during the period. Bridgewater Advisors Inc. lifted its stake in shares of Texas Pacific Land by 7.0% during the 3rd quarter. Bridgewater Advisors Inc. now owns 229 shares of the financial services provider’s stock valued at $232,000 after buying an additional 15 shares in the last quarter. Finally, Aptus Capital Advisors LLC lifted its stake in shares of Texas Pacific Land by 1.6% during the 3rd quarter. Aptus Capital Advisors LLC now owns 969 shares of the financial services provider’s stock valued at $905,000 after buying an additional 15 shares in the last quarter. 59.94% of the stock is owned by institutional investors.

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.