Texas Pacific Land Corporation $TPL Shares Sold by MOR Wealth Management LLC

MOR Wealth Management LLC trimmed its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 13.9% in the first quarter, HoldingsChannel reports. The firm owned 11,573 shares of the financial services provider’s stock after selling 1,864 shares during the period. Texas Pacific Land makes up 2.5% of MOR Wealth Management LLC’s investment portfolio, making the stock its 9th largest position. MOR Wealth Management LLC’s holdings in Texas Pacific Land were worth $5,492,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB boosted its position in shares of Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after buying an additional 69 shares during the period. Summit Securities Group LLC grew 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 worth $25,000 after buying an additional 55 shares in the last quarter. IFP Advisors Inc increased its position in Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 63 shares during the period. Quarry LP acquired a new stake in Texas Pacific Land in the 3rd quarter valued at approximately $29,000. Finally, Eagle Bay Advisors LLC acquired a new stake in Texas Pacific Land in the 4th quarter valued at approximately $31,000. Institutional investors own 59.94% of the company’s stock.

Insider Activity

In other news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction on Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on TPL shares. Zacks Research lowered Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land presently has an average rating of “Reduce” and an average target price of $639.00.

Texas Pacific Land Trading Down 1.9%

Shares of NYSE:TPL opened at $407.29 on Friday. The company has a 50 day moving average of $397.50 and a 200-day moving average of $404.09. The firm has a market cap of $28.09 billion, a P/E ratio of 55.79 and a beta of 0.58. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20.

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

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.88%.

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.