EverSource Wealth Advisors LLC Raises Holdings in Texas Pacific Land Corporation $TPL

EverSource Wealth Advisors LLC increased its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 18.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,243 shares of the financial services provider’s stock after buying an additional 2,084 shares during the period. EverSource Wealth Advisors LLC’s holdings in Texas Pacific Land were worth $6,284,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of TPL. Quarry LP purchased a new position in shares of Texas Pacific Land in the 3rd quarter valued at $29,000. Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land during the 3rd quarter worth $33,000. Triumph Capital Management purchased a new stake in shares of Texas Pacific Land during the 3rd quarter worth $36,000. MUFG Securities EMEA plc bought a new stake in Texas Pacific Land during the second quarter valued at about $59,000. Finally, Allworth Financial LP boosted its position in Texas Pacific Land by 141.4% during the third quarter. Allworth Financial LP now owns 70 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were 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 represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land Price Performance

Shares of TPL stock opened at $389.97 on Wednesday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The stock’s fifty day moving average price is $395.35 and its 200 day moving average price is $418.87. The company has a market cap of $26.90 billion, a price-to-earnings ratio of 53.42 and a beta of 0.58.

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

Texas Pacific Land Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Zacks Research downgraded shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. 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. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average 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.