JPMorgan Chase & Co. Lowers Stake in Texas Pacific Land Corporation $TPL

JPMorgan Chase & Co. cut its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 3.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,747 shares of the financial services provider’s stock after selling 1,635 shares during the quarter. JPMorgan Chase & Co. owned about 0.07% of Texas Pacific Land worth $47,379,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Texas Pacific Land by 7.9% in the 3rd quarter. Vanguard Group Inc. now owns 2,581,228 shares of the financial services provider’s stock valued at $2,409,938,000 after purchasing an additional 189,842 shares in the last quarter. Epoch Investment Partners Inc. purchased a new stake in shares of Texas Pacific Land during the 2nd quarter worth about $92,167,000. Danske Bank A S acquired a new stake in Texas Pacific Land during the 3rd quarter worth approximately $52,606,000. AQR Capital Management LLC increased its position in Texas Pacific Land by 65.1% during the 3rd quarter. AQR Capital Management LLC now owns 90,589 shares of the financial services provider’s stock worth $84,578,000 after purchasing an additional 35,716 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Texas Pacific Land by 100.4% in the third quarter. Bank of America Corp DE now owns 62,723 shares of the financial services provider’s stock valued at $58,561,000 after buying an additional 31,417 shares during the period. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TPL shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday, December 29th. KeyCorp increased their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Zacks Research raised shares of Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. Finally, Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $639.00.

Insiders Place Their Bets

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

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $519.93 on Friday. The firm has a market capitalization of $35.84 billion, a PE ratio of 74.52 and a beta of 0.83. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The stock’s 50 day moving average price is $432.71 and its 200 day moving average price is $349.24.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.06. The company had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.5%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, March 2nd. Texas Pacific Land’s payout ratio is currently 34.38%.

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.