Insider Selling: Texas Pacific Land (NYSE:TPL) CFO Sells $332,273.90 in Stock

Texas Pacific Land Corporation (NYSE:TPL) CFO Chris Steddum sold 830 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the transaction, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chris Steddum also recently made the following trade(s):

• On Friday, June 5th, Chris Steddum sold 3,170 shares of Texas Pacific Land stock. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50.

Texas Pacific Land Stock Performance

Shares of TPL stock opened at $369.53 on Friday. The stock’s 50-day simple moving average is $411.32 and its 200-day simple moving average is $394.70. The firm has a market capitalization of $25.49 billion, a PE ratio of 50.62 and a beta of 0.61. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Sell-side analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend 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 32.88%.

Wall Street Analyst Weigh In

TPL has been the topic of several analyst reports. KeyCorp raised 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. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, Zacks Research lowered Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Texas Pacific Land currently has an average rating of “Hold” and a consensus price target of $639.00.

Hedge Funds Weigh In On Texas Pacific Land

Hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after acquiring an additional 545 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Texas Pacific Land by 74.1% in the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock valued at $1,211,000 after acquiring an additional 389 shares in the last quarter. Woodline Partners LP lifted its position in shares of Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock valued at $2,109,000 after acquiring an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 12 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Texas Pacific Land by 2,177.5% in the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock valued at $4,812,000 after acquiring an additional 4,355 shares in the last quarter. Hedge funds and other institutional investors own 59.94% 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.