Texas Pacific Land Corporation $TPL Shares Sold by First Dallas Securities Inc.

First Dallas Securities Inc. lowered its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 7.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,555 shares of the financial services provider’s stock after selling 5,100 shares during the quarter. Texas Pacific Land accounts for about 10.5% of First Dallas Securities Inc.’s portfolio, making the stock its 2nd largest position. First Dallas Securities Inc.’s holdings in Texas Pacific Land were worth $28,262,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of TPL. Horizon Kinetics Asset Management LLC increased its holdings in Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after purchasing an additional 6,829,070 shares during the period. Vanguard Group Inc. boosted its stake in shares of Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after buying an additional 4,975,738 shares during the period. State Street Corp grew its position in shares of Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after buying an additional 2,417,705 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after buying an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC increased its stake in shares of Texas Pacific Land by 200.0% during the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after buying an additional 787,200 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Zacks Research lowered shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday. Finally, 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. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $639.00.

Texas Pacific Land Stock Up 0.0%

TPL stock opened at $407.29 on Friday. The stock has a market cap of $28.09 billion, a price-to-earnings ratio of 55.79 and a beta of 0.58. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The business has a 50 day moving average price of $396.85 and a 200 day moving average price of $404.11.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. The company had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. As a group, sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

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

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer owned 12,040 shares in the company, valued at $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 company 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.