New York State Teachers Retirement System Grows Position in Texas Pacific Land Corporation $TPL

New York State Teachers Retirement System boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 10.4% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 42,867 shares of the financial services provider’s stock after acquiring an additional 4,026 shares during the quarter. New York State Teachers Retirement System’s holdings in Texas Pacific Land were worth $20,343,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after acquiring an additional 545 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Texas Pacific Land by 74.1% in the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock valued at $1,211,000 after acquiring an additional 389 shares during the period. Woodline Partners LP increased its holdings in shares of Texas Pacific Land by 40.8% in the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock valued at $2,109,000 after acquiring an additional 461 shares during the period. EverSource Wealth Advisors LLC raised its position in Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 12 shares during the last quarter. Finally, Marshall Wace LLP raised its position in Texas Pacific Land by 2,177.5% in the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock valued at $4,812,000 after purchasing an additional 4,355 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $407.29 on Friday. The business has a 50 day simple moving average of $396.85 and a 200-day simple moving average of $404.11. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock has a market capitalization of $28.09 billion, a PE ratio of 55.79 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates 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, equities research analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

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

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Zacks Research cut shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. Finally, Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Texas Pacific Land presently has a consensus rating of “Reduce” and an average price target of $639.00.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction dated 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 owned 12,040 shares of the company’s stock, valued at $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by insiders.

Texas Pacific Land 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.