Texas Pacific Land Corporation $TPL Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 3.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,747 shares of the financial services provider’s stock after selling 1,635 shares during the quarter. JPMorgan Chase & Co.’s holdings in Texas Pacific Land were worth $47,379,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Triumph Capital Management purchased a new position in shares of Texas Pacific Land during the 3rd quarter valued at approximately $36,000. Allworth Financial LP grew its position in shares of Texas Pacific Land by 141.4% during the third quarter. Allworth Financial LP now owns 70 shares of the financial services provider’s stock worth $65,000 after buying an additional 41 shares in the last quarter. Swiss Life Asset Management Ltd increased its stake in shares of Texas Pacific Land by 10.4% in the third quarter. Swiss Life Asset Management Ltd now owns 4,025 shares of the financial services provider’s stock worth $3,758,000 after buying an additional 379 shares during the last quarter. Cambria Investment Management L.P. bought a new stake in shares of Texas Pacific Land in the third quarter worth $237,000. Finally, CIBC Bancorp USA Inc. acquired a new stake in Texas Pacific Land in the third quarter valued at $2,495,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TPL has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday, December 29th. KeyCorp increased their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Price Performance

Shares of TPL opened at $519.93 on Friday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock has a fifty day moving average price of $432.71 and a 200 day moving average price of $349.24. The company has a market cap of $35.84 billion, a P/E ratio of 74.52 and a beta of 0.83.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The company had revenue of $211.60 million for the quarter, compared to analysts’ expectations of $204.00 million.

Texas Pacific Land Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a $0.60 dividend. The ex-dividend date was Monday, March 2nd. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a dividend yield of 0.5%. Texas Pacific Land’s dividend payout ratio (DPR) is 34.38%.

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 1,608 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Donna E. Epps acquired 895 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The stock was acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director directly owned 2,921 shares in the company, valued at approximately $1,491,024.45. This represents a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 6.90% of the company’s stock.

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.