Russell Investments Group Ltd. Increases Position in Texas Pacific Land Corporation $TPL

Russell Investments Group Ltd. lifted its stake in Texas Pacific Land Corporation (NYSE:TPL) by 45.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,329 shares of the financial services provider’s stock after acquiring an additional 13,230 shares during the period. Russell Investments Group Ltd. owned 0.06% of Texas Pacific Land worth $18,501,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TPL. Quarry LP bought a new stake in Texas Pacific Land during the third quarter valued at about $29,000. Silicon Valley Capital Partners bought a new position in Texas Pacific Land in the third quarter worth about $33,000. Triumph Capital Management bought a new position in Texas Pacific Land in the third quarter worth about $36,000. MUFG Securities EMEA plc purchased a new stake in shares of Texas Pacific Land during the second quarter valued at about $59,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after buying an additional 12 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of Texas Pacific Land 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 of the company’s stock, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 Trading Up 3.5%

Texas Pacific Land stock opened at $359.22 on Friday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock’s 50 day simple moving average is $389.05 and its two-hundred day simple moving average is $422.15. The firm has a market cap of $24.78 billion, a PE ratio of 45.78 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $2.18 by $0.05. The business had revenue of $246.10 million for the quarter, compared to analysts’ expectations of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. On average, equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.57%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TPL. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Hold” and an average price target 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.