Empowered Funds LLC Increases Position in Texas Pacific Land Corporation $TPL

Empowered Funds LLC lifted its position in Texas Pacific Land Corporation (NYSE:TPL) by 12.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,503 shares of the financial services provider’s stock after acquiring an additional 2,171 shares during the period. Empowered Funds LLC’s holdings in Texas Pacific Land were worth $9,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quantinno Capital Management LP grew its stake in Texas Pacific Land by 48.5% during the 1st quarter. Quantinno Capital Management LP now owns 21,351 shares of the financial services provider’s stock valued at $10,133,000 after purchasing an additional 6,976 shares during the last quarter. Family Manage LLC increased its holdings in shares of Texas Pacific Land by 113.9% in the first quarter. Family Manage LLC now owns 10,985 shares of the financial services provider’s stock valued at $5,213,000 after purchasing an additional 5,849 shares during the period. RIHO Partners LLC increased its holdings in shares of Texas Pacific Land by 5.6% in the first quarter. RIHO Partners LLC now owns 14,369 shares of the financial services provider’s stock valued at $6,819,000 after purchasing an additional 764 shares during the period. Cypress Capital Group purchased a new position in shares of Texas Pacific Land in the first quarter worth about $358,000. Finally, OMERS ADMINISTRATION Corp raised its stake in shares of Texas Pacific Land by 36.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 2,725 shares of the financial services provider’s stock worth $1,293,000 after purchasing an additional 733 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TPL. Zacks Research lowered Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. 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. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $639.00.

Texas Pacific Land Stock Performance

Shares of NYSE TPL opened at $394.58 on Friday. The company has a market capitalization of $27.21 billion, a PE ratio of 54.05 and a beta of 0.58. The company’s fifty day moving average price is $395.05 and its 200 day moving average price is $420.07. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

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, 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 net margin of 60.03% and a return on equity of 35.52%. On average, equities analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.60 per share. The ex-dividend date 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 (DPR) is 32.88%.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the transaction, the chief financial officer owned 12,870 shares in the company, valued at $5,151,217.50. The trade was a 19.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate 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.