Pictet Asset Management Holding SA Sells 1,255 Shares of Texas Pacific Land Corporation $TPL

Pictet Asset Management Holding SA lessened its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 5.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,291 shares of the financial services provider’s stock after selling 1,255 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Texas Pacific Land were worth $11,053,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 worth $2,570,000 after buying an additional 545 shares in the last quarter. NewEdge Advisors LLC grew its stake in Texas Pacific Land by 74.1% during the first 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 in the last quarter. Woodline Partners LP increased its holdings in Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock worth $2,109,000 after acquiring an additional 461 shares during the period. EverSource Wealth Advisors LLC increased its holdings in 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 worth $72,000 after acquiring an additional 12 shares during the period. Finally, Marshall Wace LLP lifted its stake 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 worth $4,812,000 after purchasing an additional 4,355 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the firm’s stock in a transaction 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Trading Up 0.0%

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

Texas Pacific Land (NYSE:TPL) last announced its earnings results 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 business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued 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 dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio is presently 32.88%.

Wall Street Analyst Weigh In

TPL has been the subject of several analyst reports. Zacks Research downgraded shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. One investment 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.com, the stock presently has an average rating of “Reduce” and a consensus target price of $639.00.

About Texas Pacific Land

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.