RIHO Partners LLC Invests $6.28 Million in Texas Pacific Land Corporation $TPL

RIHO Partners LLC bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 14,338 shares of the financial services provider’s stock, valued at approximately $6,275,000. Texas Pacific Land accounts for approximately 3.5% of RIHO Partners LLC’s holdings, making the stock its 10th biggest position.

Several other institutional investors have also bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its stake in Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 12 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Texas Pacific Land by 1.1% in the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock valued at $1,782,000 after purchasing an additional 20 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Texas Pacific Land by 5.4% in the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 21 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Texas Pacific Land by 1.3% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider’s stock worth $1,789,000 after purchasing an additional 24 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Texas Pacific Land by 0.5% in the 3rd quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider’s stock worth $4,374,000 after purchasing an additional 24 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Trading Down 1.5%

Shares of TPL stock opened at $364.29 on Friday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The firm’s 50 day moving average is $389.35 and its 200-day moving average is $423.73. The firm has a market capitalization of $25.13 billion, a price-to-earnings ratio of 46.43 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating the consensus estimate 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 business had revenue of $246.10 million for the quarter, compared to analysts’ expectations of $249.50 million. On average, equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio (DPR) is 30.57%.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the transaction, the chief financial officer owned 12,040 shares of the company’s stock, valued at $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on TPL shares. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Texas Pacific Land currently has an average rating of “Hold” and an average target price of $639.00.

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.