Quantitative Investment Management LLC Takes Position in Texas Pacific Land Corporation $TPL

Quantitative Investment Management LLC bought a new stake in Texas Pacific Land Corporation (NYSE:TPL) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,496 shares of the financial services provider’s stock, valued at approximately $1,092,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Susquehanna Fundamental Investments LLC acquired a new position in Texas Pacific Land during the second quarter worth approximately $1,194,000. Flputnam Investment Management Co. lifted its position in shares of Texas Pacific Land by 129.8% in the second quarter. Flputnam Investment Management Co. now owns 13,569 shares of the financial services provider’s stock valued at $5,938,000 after buying an additional 7,665 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Texas Pacific Land by 8.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 355 shares of the financial services provider’s stock valued at $155,000 after buying an additional 29 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Texas Pacific Land by 6.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 477,430 shares of the financial services provider’s stock worth $208,942,000 after acquiring an additional 30,911 shares during the period. Finally, New Mexico Educational Retirement Board boosted its stake in shares of Texas Pacific Land by 3.7% during the 2nd quarter. New Mexico Educational Retirement Board now owns 2,800 shares of the financial services provider’s stock worth $1,225,000 after acquiring an additional 100 shares during the period. Institutional investors own 59.94% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the sale, the chief financial officer directly owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Performance

Shares of TPL opened at $369.12 on Wednesday. The firm has a market cap of $25.46 billion, a P/E ratio of 47.04 and a beta of 0.61. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The firm’s 50-day simple moving average is $389.62 and its 200 day simple moving average is $423.57.

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

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio (DPR) is 30.57%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Zacks Research raised Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $639.00.

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.