Rakuten Investment Management Inc. Acquires 10,523 Shares of Texas Pacific Land Corporation $TPL

Rakuten Investment Management Inc. acquired a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 10,523 shares of the financial services provider’s stock, valued at approximately $3,459,000.

Several other large investors have also bought and sold shares of TPL. Cherry Tree Wealth Management LLC bought a new position in Texas Pacific Land in the second quarter valued at about $31,000. Global Retirement Partners LLC acquired a new position in Texas Pacific Land during the second quarter worth about $41,000. IFP Advisors Inc lifted its holdings in shares of Texas Pacific Land by 40.8% in the second quarter. IFP Advisors Inc now owns 138 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 40 shares during the last quarter. Balance Wealth Partners LLC bought a new position in shares of Texas Pacific Land in the third quarter worth about $60,000. Finally, Quantbot Technologies LP bought a new position in shares of Texas Pacific Land in the second quarter worth about $67,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Trading Up 0.2%

TPL traded up $0.54 on Friday, reaching $272.72. The stock had a trading volume of 695,161 shares, compared to its average volume of 299,837. Texas Pacific Land Corporation has a fifty-two week low of $265.31 and a fifty-two week high of $547.20. The firm has a 50-day moving average of $345.85 and a 200-day moving average of $399.98. The company has a market capitalization of $18.81 billion, a price-to-earnings ratio of 32.05 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, November 4th. The financial services provider reported $2.42 EPS for the quarter, beating the consensus estimate of $2.33 by $0.09. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. The firm had revenue of $273.40 million during the quarter, compared to the consensus estimate of $251.00 million. Sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. Texas Pacific Land’s dividend payout ratio is currently 28.20%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. 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. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Texas Pacific Land presently has an average rating of “Moderate Buy” and a consensus price target of $639.00.

About Texas Pacific Land

Texas Pacific Land Corporation is a land and resource management company focused on properties in West Texas, particularly the Permian Basin. Its roots date to the Texas and Pacific Railway, and the company’s land holdings were historically managed through the Texas Pacific Land Trust before it became a corporation.

The company earns revenue from oil and natural gas royalties and from activities tied to its surface and mineral interests. Its land and resource management operations include leasing land, granting easements and rights-of-way, and supporting energy development and other land uses.

Texas Pacific Land also provides water-related services to energy companies, including water sourcing, handling, treatment, recycling and disposal.