Texas Pacific Land (NYSE:TPL) CFO Chris Steddum Sells 3,170 Shares

Texas Pacific Land Corporation (NYSE:TPL) CFO Chris Steddum sold 3,170 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the sale, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. This represents a 19.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through 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 Monday, June 8th, Chris Steddum sold 830 shares of Texas Pacific Land stock. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90.

Texas Pacific Land Price Performance

NYSE:TPL traded down $14.56 during trading hours on Tuesday, hitting $381.58. 368,575 shares of the company were exchanged, compared to its average volume of 487,491. The stock has a market capitalization of $26.32 billion, a price-to-earnings ratio of 52.27 and a beta of 0.61. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The company’s 50 day moving average price is $417.86 and its 200-day moving average price is $393.07.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The business had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. On average, 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s payout ratio is presently 32.88%.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Texas Pacific Land

Large investors have recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in Texas Pacific Land during the third quarter worth $29,000. Silicon Valley Capital Partners acquired a new position in Texas Pacific Land during the third quarter worth $33,000. Triumph Capital Management acquired a new position in Texas Pacific Land during the third quarter worth $36,000. IMA Advisory Services Inc. raised its position in Texas Pacific Land by 77.8% during the third quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 21 shares during the period. Finally, Rothschild Investment LLC acquired a new position in Texas Pacific Land during the third quarter worth $46,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

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.