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 business’s stock in a transaction that occurred on 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 approximately $4,819,973.20. This represents a 6.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $1,268,792.50.

Texas Pacific Land Trading Down 3.7%

Shares of TPL traded down $14.56 during mid-day trading on Tuesday, reaching $381.58. 368,575 shares of the stock traded hands, compared to its average volume of 487,491. The company has a market cap of $26.32 billion, a price-to-earnings ratio of 52.27 and a beta of 0.61. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The firm has a fifty day moving average price of $417.86 and a 200 day moving average price of $393.07.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $233.00 million. On average, sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a dividend of $0.60 per share. The ex-dividend date is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is 32.88%.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Texas Pacific Land

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its stake in shares of Texas Pacific Land by 21.4% during 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 during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Texas Pacific Land by 9.1% in the third quarter. Jones Financial Companies Lllp now owns 168 shares of the financial services provider’s stock worth $160,000 after purchasing an additional 14 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in Texas Pacific Land by 2.5% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 616 shares of the financial services provider’s stock valued at $575,000 after purchasing an additional 15 shares during the last quarter. Bridgewater Advisors Inc. increased its stake in shares of Texas Pacific Land by 7.0% during the third quarter. Bridgewater Advisors Inc. now owns 229 shares of the financial services provider’s stock valued at $232,000 after buying an additional 15 shares during the period. Finally, Aptus Capital Advisors LLC raised its holdings in shares of Texas Pacific Land by 1.6% during the third quarter. Aptus Capital Advisors LLC now owns 969 shares of the financial services provider’s stock valued at $905,000 after acquiring an additional 15 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

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.