Texas Pacific Land Corporation $TPL Shares Acquired by New York State Teachers Retirement System

New York State Teachers Retirement System raised its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 10.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,867 shares of the financial services provider’s stock after buying an additional 4,026 shares during the period. New York State Teachers Retirement System owned approximately 0.06% of Texas Pacific Land worth $20,343,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after purchasing an additional 545 shares during the period. NewEdge Advisors LLC increased its holdings in Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock worth $1,211,000 after purchasing an additional 389 shares during the period. Woodline Partners LP increased its holdings in Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock worth $2,109,000 after purchasing an additional 461 shares during the period. EverSource Wealth Advisors LLC raised its position in 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 valued at $72,000 after purchasing an additional 12 shares in the last quarter. Finally, Marshall Wace LLP raised its position in Texas Pacific Land by 2,177.5% in the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock valued at $4,812,000 after purchasing an additional 4,355 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. 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 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, June 30th. One 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 MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $639.00.

Insider Activity

In related news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a filing 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

TPL opened at $407.29 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company has a market cap of $28.09 billion, a P/E ratio of 55.79 and a beta of 0.58. The business’s 50-day simple moving average is $396.85 and its 200-day simple moving average is $404.11.

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

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.60 dividend. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio 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.