National Pension Service Lowers Stock Position in Texas Pacific Land Corporation $TPL

National Pension Service cut its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 49.1% during the second quarter, Holdings Channel.com reports. The firm owned 8,428 shares of the financial services provider’s stock after selling 8,121 shares during the period. National Pension Service’s holdings in Texas Pacific Land were worth $3,688,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Quarry LP purchased a new stake in Texas Pacific Land during the third quarter worth $29,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land in the 3rd quarter worth $33,000. Triumph Capital Management bought a new position in shares of Texas Pacific Land in the 3rd quarter worth $36,000. MUFG Securities EMEA plc purchased a new stake in shares of Texas Pacific Land during the 2nd quarter worth $59,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 12 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TPL has been the topic of several analyst reports. Zacks Research upgraded 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 report on Wednesday, July 29th. 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $368.79 on Monday. The stock has a market capitalization of $25.44 billion, a price-to-earnings ratio of 47.00 and a beta of 0.61. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The business has a fifty day moving average price of $383.55 and a 200-day moving average price of $418.76.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The company had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. On average, equities research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio is 30.57%.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE:TPL) is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.