Wellington Management Group LLP Sells 25,439 Shares of Texas Pacific Land Corporation $TPL

Wellington Management Group LLP lessened its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 55.5% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,367 shares of the financial services provider’s stock after selling 25,439 shares during the period. Wellington Management Group LLP’s holdings in Texas Pacific Land were worth $8,913,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in TPL. EverSource Wealth Advisors LLC raised its stake 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 buying an additional 12 shares during the period. Sei Investments Co. lifted its stake in Texas Pacific Land by 1.1% in the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock worth $1,782,000 after purchasing 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 worth $383,000 after buying an additional 21 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Texas Pacific Land by 1.3% during the 3rd 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 acquiring an additional 24 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in Texas Pacific Land by 0.5% during the third quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider’s stock valued at $4,374,000 after purchasing an additional 24 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on TPL shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Trading Up 5.5%

Texas Pacific Land stock opened at $382.39 on Wednesday. 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 simple moving average of $385.99 and a two-hundred day simple moving average of $421.44. The firm has a market cap of $26.37 billion, a price-to-earnings ratio of 48.73 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.05. The company had revenue of $246.10 million for the quarter, compared to analysts’ expectations of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. On average, equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s payout ratio is presently 30.57%.

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.