California State Teachers Retirement System Decreases Stock Position in Texas Pacific Land Corporation $TPL

California State Teachers Retirement System cut its position in Texas Pacific Land Corporation (NYSE:TPL) by 1.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 237,252 shares of the financial services provider’s stock after selling 2,547 shares during the period. California State Teachers Retirement System owned 0.34% of Texas Pacific Land worth $112,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in 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. Sei Investments Co. grew its holdings in shares of Texas Pacific Land by 1.1% during the third quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock worth $1,782,000 after buying an additional 20 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Texas Pacific Land by 5.4% in the third quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock valued at $383,000 after buying an additional 21 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Texas Pacific Land by 1.3% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider’s stock valued at $1,789,000 after buying an additional 24 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Texas Pacific Land by 0.5% in the third quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider’s stock worth $4,374,000 after buying an additional 24 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TPL has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Zacks Research downgraded shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Texas Pacific Land presently has an average rating of “Reduce” and a consensus price target of $639.00.

Texas Pacific Land Stock Performance

NYSE TPL opened at $390.32 on Thursday. The stock’s fifty day moving average is $395.11 and its two-hundred day moving average is $419.49. The firm has a market capitalization of $26.92 billion, a P/E ratio of 53.47 and a beta of 0.58. 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 issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate 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. As a group, sell-side analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

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

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land 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 transaction of $332,273.90. Following the transaction, the chief financial officer directly owned 12,040 shares of the company’s stock, valued at $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Company 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.