Korea Investment CORP Decreases Holdings in Texas Pacific Land Corporation $TPL

Korea Investment CORP reduced its stake in Texas Pacific Land Corporation (NYSE:TPL) by 6.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,017 shares of the financial services provider’s stock after selling 715 shares during the period. Korea Investment CORP’s holdings in Texas Pacific Land were worth $11,638,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TPL. Choreo LLC grew its position in Texas Pacific Land by 7.3% during the second quarter. Choreo LLC now owns 440 shares of the financial services provider’s stock worth $465,000 after buying an additional 30 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Texas Pacific Land by 4.5% in the second quarter. Russell Investments Group Ltd. now owns 10,312 shares of the financial services provider’s stock valued at $10,894,000 after acquiring an additional 447 shares during the period. XTX Topco Ltd bought a new position in shares of Texas Pacific Land during the second quarter valued at about $1,754,000. One Charles Private Wealth Services LLC grew its position in shares of Texas Pacific Land by 0.7% in the 2nd quarter. One Charles Private Wealth Services LLC now owns 25,997 shares of the financial services provider’s stock worth $27,463,000 after buying an additional 191 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of Texas Pacific Land by 8.8% during the second quarter. Prudential Financial Inc. now owns 10,966 shares of the financial services provider’s stock valued at $11,584,000 after buying an additional 884 shares during the period. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Up 0.2%

NYSE:TPL opened at $864.29 on Monday. The business’s 50-day simple moving average is $932.24 and its two-hundred day simple moving average is $993.21. The stock has a market cap of $19.86 billion, a PE ratio of 43.09 and a beta of 1.12. Texas Pacific Land Corporation has a 52 week low of $838.27 and a 52 week high of $1,692.51.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.77 by ($0.50). Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%. The company had revenue of $203.10 million for the quarter, compared to the consensus estimate of $175.00 million.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, December 1st. Texas Pacific Land’s dividend payout ratio is 30.92%.

Analyst Ratings Changes

A number of analysts have recently weighed in on TPL shares. Tudor Pickering raised shares of Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, November 24th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.