World Equity Group Inc. Sells 1,636 Shares of Texas Pacific Land Corporation $TPL

World Equity Group Inc. lowered its position in Texas Pacific Land Corporation (NYSE:TPL) by 19.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,845 shares of the financial services provider’s stock after selling 1,636 shares during the period. Texas Pacific Land makes up approximately 0.8% of World Equity Group Inc.’s investment portfolio, making the stock its 24th biggest holding. World Equity Group Inc.’s holdings in Texas Pacific Land were worth $3,248,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Horizon Kinetics Asset Management LLC raised its holdings in shares of Texas Pacific Land by 194.9% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after buying an additional 6,829,070 shares during the period. Vanguard Group Inc. boosted its holdings in Texas Pacific Land by 192.8% during the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after acquiring an additional 4,975,738 shares during the period. State Street Corp grew its position in Texas Pacific Land by 206.8% in the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock valued at $1,030,259,000 after acquiring an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC grew its position in Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after acquiring an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC increased its stake in Texas Pacific Land by 200.0% in the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after purchasing an additional 787,200 shares during the period. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $415.88 on Friday. The company has a 50 day moving average price of $392.52 and a 200-day moving average price of $412.05. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The company has a market capitalization of $28.68 billion, a PE ratio of 56.97 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (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 during the quarter, compared to analyst estimates of $233.00 million. On average, analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

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

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the transaction, the chief financial officer owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Zacks Research cut shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Texas Pacific Land has an average rating of “Reduce” 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.