Diversify Advisory Services LLC Takes $1 Million Position in Texas Pacific Land Corporation $TPL

Diversify Advisory Services LLC purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 2,524 shares of the financial services provider’s stock, valued at approximately $1,001,000.

Several other institutional investors have also added to or reduced their stakes in the company. Bank of America Corp DE raised its position in shares of Texas Pacific Land by 143.0% in the first quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider’s stock valued at $125,635,000 after buying an additional 155,781 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Texas Pacific Land by 200.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock worth $2,714,000 after acquiring an additional 6,307 shares during the period. New York State Teachers Retirement System raised its holdings in Texas Pacific Land by 184.1% in the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock valued at $11,156,000 after acquiring an additional 25,170 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 valued at $136,459,000 after acquiring an additional 321,683 shares during the period. Finally, Comerica Bank grew its holdings in shares of Texas Pacific Land by 152.6% during the 4th quarter. Comerica Bank now owns 8,087 shares of the financial services provider’s stock worth $2,323,000 after purchasing an additional 4,886 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TPL has been the subject of a number of analyst reports. Weiss Ratings reaffirmed 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 report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $639.00.

Insider Activity

In related news, CFO Chris Steddum sold 3,170 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total value 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. This trade represents a 19.76% decrease in their position. The sale was disclosed in a 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 owned by corporate insiders.

Texas Pacific Land Stock Performance

NYSE TPL opened at $373.12 on Thursday. The firm’s fifty day moving average price is $387.94 and its two-hundred day moving average price is $423.04. The stock has a market cap of $25.73 billion, a PE ratio of 47.55 and a beta of 0.60. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data 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 company had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. As a group, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s payout ratio is 30.57%.

Texas Pacific Land 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.