Texas Pacific Land Corporation $TPL Shares Bought by First Dallas Securities Inc.

First Dallas Securities Inc. lifted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 196.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 64,655 shares of the financial services provider’s stock after acquiring an additional 42,839 shares during the period. Texas Pacific Land comprises about 6.9% of First Dallas Securities Inc.’s holdings, making the stock its 2nd biggest position. First Dallas Securities Inc.’s holdings in Texas Pacific Land were worth $18,570,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Bar Harbor Wealth Management raised its holdings in shares of Texas Pacific Land by 195.1% during the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock worth $10,591,000 after buying an additional 24,379 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock worth $5,231,000 after purchasing an additional 12,390 shares in the last quarter. Schwartz Investment Counsel Inc. increased its holdings in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after purchasing an additional 321,683 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Texas Pacific Land by 192.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider’s stock worth $38,410,000 after purchasing an additional 88,053 shares in the last quarter. Finally, New York State Teachers Retirement System increased its holdings in Texas Pacific Land by 184.1% in the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after purchasing an additional 25,170 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was 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 $4,819,973.20. This represents a 6.45% 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 insiders.

Texas Pacific Land Trading Down 3.7%

NYSE TPL opened at $381.58 on Wednesday. The business’s 50-day moving average price is $415.23 and its two-hundred day moving average price is $393.63. 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 $26.32 billion, a PE ratio of 52.27 and a beta of 0.61.

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. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. As a group, analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land’s payout ratio is 32.88%.

Analysts Set New Price Targets

TPL has been the subject of a number of recent research reports. Zacks Research cut Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. KeyCorp upped their target price on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Finally, Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Texas Pacific Land currently has an average rating of “Hold” and an average 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.