15,920 Shares in Texas Pacific Land Corporation $TPL Bought by Redwood Family Wealth LLC

Redwood Family Wealth LLC purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) during the 4th quarter, HoldingsChannel reports. The firm purchased 15,920 shares of the financial services provider’s stock, valued at approximately $4,573,000. Texas Pacific Land accounts for 4.5% of Redwood Family Wealth LLC’s portfolio, making the stock its 5th largest holding.

Other hedge funds also recently bought and sold shares of the company. Bar Harbor Wealth Management grew its holdings in Texas Pacific Land by 195.1% during the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock worth $10,591,000 after acquiring an additional 24,379 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in shares of Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock valued at $5,231,000 after purchasing an additional 12,390 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Texas Pacific Land by 200.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock valued at $2,714,000 after purchasing an additional 6,307 shares in the last quarter. Schwartz Investment Counsel Inc. lifted its position in shares of Texas Pacific Land by 209.7% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after purchasing an additional 321,683 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its position in shares of Texas Pacific Land by 184.1% during the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after purchasing an additional 25,170 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction 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 transaction, the chief financial officer owned 12,040 shares in the company, valued at $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by company insiders.

Texas Pacific Land Trading Down 0.0%

TPL stock opened at $355.05 on Friday. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The company’s 50 day moving average is $401.16 and its two-hundred day moving average is $396.96. The stock has a market cap of $24.49 billion, a P/E ratio of 48.64 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (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 research analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land’s payout ratio is 32.88%.

Analyst Upgrades and Downgrades

Several research firms recently commented on TPL. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Zacks Research downgraded Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. KeyCorp upped their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. One investment 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, the stock has an average rating of “Hold” and an average price target of $639.00.

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.