Meiji Yasuda Asset Management Co Ltd. Invests $2.60 Million in Texas Pacific Land Corporation $TPL

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 5,946 shares of the financial services provider’s stock, valued at approximately $2,602,000.

Other institutional investors also recently bought and sold shares of the company. Summit Securities Group LLC boosted its holdings in Texas Pacific Land by 171.9% in 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 shares of 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 buying an additional 63 shares during the period. Quarry LP purchased a new stake in shares of Texas Pacific Land during the 3rd quarter valued at approximately $29,000. Los Angeles Capital Management LLC acquired a new position in Texas Pacific Land in the fourth quarter valued at approximately $31,000. Finally, Silicon Valley Capital Partners acquired a new position in Texas Pacific Land in the third quarter valued at approximately $33,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Down 2.7%

TPL opened at $373.28 on Tuesday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The business has a fifty day simple moving average of $388.23 and a 200-day simple moving average of $423.77. The firm has a market cap of $25.75 billion, a P/E ratio of 47.57 and a beta of 0.60.

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

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders 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 yield of 0.6%. Texas Pacific Land’s dividend payout ratio is 30.57%.

Insider Transactions at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on TPL. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating 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 stock currently has a consensus rating of “Hold” and a consensus price target of $639.00.

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.