Lansforsakringar Fondforvaltning AB publ Purchases 6,671 Shares of Texas Pacific Land Corporation $TPL

Lansforsakringar Fondforvaltning AB publ raised its position in Texas Pacific Land Corporation (NYSE:TPL) by 38.3% during the first quarter, Holdings Channel.com reports. The fund owned 24,107 shares of the financial services provider’s stock after purchasing an additional 6,671 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Texas Pacific Land were worth $11,440,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of TPL. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 69 shares during the period. Summit Securities Group LLC raised its position in Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 55 shares during the last quarter. IFP Advisors Inc raised its position in Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 63 shares during the last quarter. Quarry LP purchased a new stake in Texas Pacific Land in the 3rd quarter worth approximately $29,000. Finally, Eagle Bay Advisors LLC purchased a new stake in Texas Pacific Land in the 4th quarter worth approximately $31,000. 59.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TPL shares. Zacks Research cut Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Finally, Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $415.58 on Thursday. The stock’s 50 day simple moving average is $398.13 and its two-hundred day simple moving average is $403.19. The stock has a market cap of $28.66 billion, a price-to-earnings ratio of 56.93 and a beta of 0.58. 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 posted its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. On average, analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land’s dividend payout ratio is presently 32.88%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction on Friday, June 5th. The stock was 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 approximately $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

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.