Empowered Funds LLC Buys Shares of 18,121 Texas Pacific Land Corporation $TPL

Empowered Funds LLC purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 18,121 shares of the financial services provider’s stock, valued at approximately $7,930,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. United Capital Financial Advisors LLC acquired a new position in Texas Pacific Land during the 2nd quarter worth about $525,000. Pacific Heights Asset Management LLC acquired a new position in Texas Pacific Land in the 2nd quarter valued at about $258,208,000. Jefferies Financial Group Inc. acquired a new position in Texas Pacific Land in the 2nd quarter valued at about $654,000. Public Employees Retirement System of Ohio purchased a new stake in Texas Pacific Land during the second quarter worth about $7,407,000. Finally, MASTERINVEST Kapitalanlage GmbH purchased a new stake in Texas Pacific Land during the second quarter worth about $255,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on TPL. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One 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, the company currently has an average rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Price Performance

TPL stock opened at $364.29 on Friday. The firm has a market capitalization of $25.13 billion, a P/E ratio of 46.43 and a beta of 0.60. The business’s 50-day moving average is $389.35 and its two-hundred day moving average is $423.73. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. On average, analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

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

Insider Transactions at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the transaction, the chief financial officer owned 12,040 shares in the company, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

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.