NewEdge Wealth LLC Takes $2.49 Million Position in Texas Pacific Land Corporation $TPL

NewEdge Wealth LLC bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 5,685 shares of the financial services provider’s stock, valued at approximately $2,488,000.

Several other institutional investors have also recently added to or reduced their stakes in TPL. EverSource Wealth Advisors LLC increased its stake in Texas Pacific Land by 21.4% in the second 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. Sei Investments Co. lifted its position in shares of Texas Pacific Land by 1.1% during the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock worth $1,782,000 after buying an additional 20 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Texas Pacific Land by 5.4% during the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock worth $383,000 after buying an additional 21 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Texas Pacific Land by 1.3% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider’s stock valued at $1,789,000 after buying an additional 24 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Texas Pacific Land by 0.5% in the 3rd quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider’s stock valued at $4,374,000 after buying an additional 24 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the sale, 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 ownership of the stock. The sale 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. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $367.77 on Friday. The firm’s fifty day simple moving average is $387.90 and its 200-day simple moving average is $423.17. 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 $25.37 billion, a price-to-earnings ratio of 46.87 and a beta of 0.60.

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

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio is presently 30.57%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target 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.