Texas Pacific Land Corporation $TPL Holdings Cut by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in Texas Pacific Land Corporation (NYSE:TPL) by 5.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,282 shares of the financial services provider’s stock after selling 1,931 shares during the period. The Manufacturers Life Insurance Company’s holdings in Texas Pacific Land were worth $14,845,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Quantinno Capital Management LP raised its position in shares of Texas Pacific Land by 48.5% during the 1st quarter. Quantinno Capital Management LP now owns 21,351 shares of the financial services provider’s stock worth $10,133,000 after purchasing an additional 6,976 shares during the period. Family Manage LLC boosted its position in Texas Pacific Land by 113.9% during the 1st quarter. Family Manage LLC now owns 10,985 shares of the financial services provider’s stock valued at $5,213,000 after purchasing an additional 5,849 shares during the period. RIHO Partners LLC boosted its position in Texas Pacific Land by 5.6% during the 1st quarter. RIHO Partners LLC now owns 14,369 shares of the financial services provider’s stock valued at $6,819,000 after purchasing an additional 764 shares during the period. Cypress Capital Group bought a new position in Texas Pacific Land during the 1st quarter worth $358,000. Finally, OMERS ADMINISTRATION Corp grew its stake in Texas Pacific Land by 36.8% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 2,725 shares of the financial services provider’s stock worth $1,293,000 after buying an additional 733 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Texas Pacific Land Trading Up 0.2%

TPL opened at $403.23 on Monday. The business’s 50 day moving average is $395.06 and its 200-day moving average is $420.73. The stock has a market cap of $27.81 billion, a PE ratio of 55.24 and a beta of 0.60. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20.

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. The business had revenue of $236.80 million during 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%. As a group, analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

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

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the company’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 value of $332,273.90. Following the completion of the sale, 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 legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

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.