IPG Investment Advisors LLC Sells 3,689 Shares of Texas Pacific Land Corporation $TPL

IPG Investment Advisors LLC lowered its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 31.2% in the second quarter, Holdings Channel reports. The institutional investor owned 8,130 shares of the financial services provider’s stock after selling 3,689 shares during the period. IPG Investment Advisors LLC’s holdings in Texas Pacific Land were worth $3,558,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of TPL. Bank of America Corp DE grew its stake in 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 purchasing an additional 155,781 shares during the last quarter. Daiwa Securities Group Inc. boosted 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 buying an additional 6,307 shares in the last quarter. Schwartz Investment Counsel Inc. boosted its holdings in shares of Texas Pacific Land by 209.7% in 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 buying an additional 321,683 shares in the last quarter. Jefferies Financial Group Inc. grew its position in shares of Texas Pacific Land by 152.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 25,266 shares of the financial services provider’s stock worth $7,257,000 after buying an additional 15,251 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Texas Pacific Land by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 357,379 shares of the financial services provider’s stock worth $169,598,000 after buying an additional 4,570 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TPL shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research raised 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 given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Texas Pacific Land has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Stock Down 2.2%

TPL opened at $373.34 on Thursday. The company has a market cap of $25.75 billion, a P/E ratio of 47.58 and a beta of 0.61. The firm’s 50-day moving average price is $385.14 and its 200-day moving average price is $420.65. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $249.50 million. On average, research analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.57%.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE:TPL) is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.