Moors & Cabot Inc. Has $53.17 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Moors & Cabot Inc. lessened its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 3.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 56,944 shares of the financial services provider’s stock after selling 2,304 shares during the period. Texas Pacific Land comprises approximately 2.3% of Moors & Cabot Inc.’s holdings, making the stock its 4th largest holding. Moors & Cabot Inc.’s holdings in Texas Pacific Land were worth $53,166,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock worth $2,570,000 after purchasing an additional 545 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Texas Pacific Land by 74.1% during the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock worth $1,211,000 after acquiring an additional 389 shares in the last quarter. Woodline Partners LP increased its position in shares of Texas Pacific Land by 40.8% during the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock worth $2,109,000 after acquiring an additional 461 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Texas Pacific Land by 5,100.0% during the second quarter. SBI Securities Co. Ltd. now owns 52 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 51 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Texas Pacific Land by 7.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,623 shares of the financial services provider’s stock worth $4,884,000 after acquiring an additional 315 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $527.43 on Tuesday. The business has a 50-day moving average of $414.23 and a 200-day moving average of $343.67. The stock has a market capitalization of $36.36 billion, a price-to-earnings ratio of 75.60 and a beta of 0.83. 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 released its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The business had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a dividend of $0.60 per share. The ex-dividend date was Monday, March 2nd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s dividend payout ratio (DPR) is currently 34.38%.

Analysts Set New Price Targets

TPL has been the subject of a number of research analyst reports. Zacks Research raised shares of Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. KeyCorp upped their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $639.00.

Insider Activity at Texas Pacific Land

In other news, Director Donna E. Epps acquired 895 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, with a total value of $456,852.75. Following the transaction, the director directly owned 2,921 shares in the company, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the sale, the chief accounting officer owned 2,133 shares of the company’s stock, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land 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.