Kestra Advisory Services LLC Sells 2,749 Shares of Texas Pacific Land Corporation $TPL

Kestra Advisory Services LLC lessened its stake in Texas Pacific Land Corporation (NYSE:TPL) by 12.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,299 shares of the financial services provider’s stock after selling 2,749 shares during the quarter. Kestra Advisory Services LLC’s holdings in Texas Pacific Land were worth $9,159,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in TPL. Horizon Kinetics Asset Management LLC lifted its position in Texas Pacific Land by 194.9% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock valued at $2,968,063,000 after acquiring an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. increased 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 worth $2,170,512,000 after purchasing an additional 4,975,738 shares in the last quarter. State Street Corp raised its stake in shares of 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 purchasing an additional 2,417,705 shares during the period. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC lifted its holdings in shares of 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 valued at $339,149,000 after purchasing an additional 787,200 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Insider Buying and Selling

In other news, CFO Chris Steddum sold 830 shares of Texas Pacific Land 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 owned 12,040 shares of the company’s stock, valued at $4,819,973.20. This trade represents a 6.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Texas Pacific Land Stock Performance

TPL opened at $409.40 on Tuesday. The business’s 50-day simple moving average is $392.20 and its 200 day simple moving average is $409.43. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The firm has a market capitalization of $28.24 billion, a PE ratio of 56.08 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.04. The firm 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%. On average, research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Zacks Research cut Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $639.00.

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.