Manchester Capital Management LLC Reduces Stake in Texas Pacific Land Corporation $TPL

Manchester Capital Management LLC lowered its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 87.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 219 shares of the financial services provider’s stock after selling 1,570 shares during the quarter. Manchester Capital Management LLC’s holdings in Texas Pacific Land were worth $63,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Quarry LP purchased a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $29,000. Silicon Valley Capital Partners purchased a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $33,000. Triumph Capital Management purchased a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $36,000. IMA Advisory Services Inc. increased its holdings in shares of Texas Pacific Land by 77.8% in the 3rd quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 21 shares during the last quarter. Finally, Rothschild Investment LLC purchased a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Trading Down 1.4%

Texas Pacific Land stock opened at $376.68 on Thursday. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The stock has a 50 day moving average of $413.41 and a two-hundred day moving average of $394.21. The stock has a market capitalization of $25.98 billion, a price-to-earnings ratio of 51.60 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping 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 company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Equities analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

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

Analyst Upgrades and Downgrades

TPL has been the topic of a number of recent analyst reports. Zacks Research downgraded Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. KeyCorp increased their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $639.00.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Texas Pacific Land Profile

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.