Sierra Summit Advisors LLC Makes New Investment in Texas Pacific Land Corporation $TPL

Sierra Summit Advisors LLC bought a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,578 shares of the financial services provider’s stock, valued at approximately $1,223,000.

Several other large investors have also modified their holdings of the business. EverSource Wealth Advisors LLC lifted its position in shares of Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 12 shares during the period. Aptus Capital Advisors LLC raised its position in shares of Texas Pacific Land by 1.6% in the 3rd quarter. Aptus Capital Advisors LLC now owns 969 shares of the financial services provider’s stock worth $905,000 after acquiring an additional 15 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Texas Pacific Land by 1.6% in the 3rd quarter. Intech Investment Management LLC now owns 1,031 shares of the financial services provider’s stock worth $963,000 after acquiring an additional 16 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Texas Pacific Land by 1.1% during the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock worth $1,782,000 after purchasing an additional 20 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in shares of Texas Pacific Land by 5.4% during the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock worth $383,000 after purchasing an additional 21 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on TPL shares. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. 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. Finally, Zacks Research cut shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $639.00.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land 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 sale, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by insiders.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $407.29 on Friday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The business has a fifty day moving average price of $397.50 and a 200-day moving average price of $404.09. The stock has a market capitalization of $28.09 billion, a price-to-earnings ratio of 55.79 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. On average, equities research analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

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

About Texas Pacific Land

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.