Kestra Private Wealth Services LLC Buys 1,483 Shares of Texas Pacific Land Corporation $TPL

Kestra Private Wealth Services LLC raised its stake in Texas Pacific Land Corporation (NYSE:TPL) by 67.3% during the second quarter, HoldingsChannel reports. The fund owned 3,685 shares of the financial services provider’s stock after buying an additional 1,483 shares during the period. Kestra Private Wealth Services LLC’s holdings in Texas Pacific Land were worth $1,613,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after purchasing an additional 545 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock valued at $1,211,000 after purchasing an additional 389 shares during the period. Woodline Partners LP increased its holdings in Texas Pacific Land by 40.8% during the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock valued at $2,109,000 after buying an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Texas Pacific Land by 21.4% in 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 in the last quarter. Finally, Marshall Wace LLP increased its position in Texas Pacific Land by 2,177.5% in the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock worth $4,812,000 after buying an additional 4,355 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer owned 12,870 shares in the company, valued at $5,151,217.50. The trade was a 19.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by insiders.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock opened at $348.13 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The stock has a market cap of $24.01 billion, a price-to-earnings ratio of 44.37 and a beta of 0.60. The stock has a 50 day moving average price of $389.66 and a 200-day moving average price of $422.59.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.05. The business had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. Sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.57%.

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.