NewEdge Advisors LLC Acquires 12,207 Shares of Texas Pacific Land Corporation $TPL

NewEdge Advisors LLC grew its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 42.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 40,904 shares of the financial services provider’s stock after acquiring an additional 12,207 shares during the quarter. NewEdge Advisors LLC’s holdings in Texas Pacific Land were worth $17,901,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TPL. Summit Securities Group LLC raised its position 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 purchasing an additional 55 shares during the period. IFP Advisors Inc grew its stake in shares of Texas Pacific Land by 185.3% during the fourth 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 last quarter. Quarry LP bought a new position in shares of Texas Pacific Land during the third quarter valued at about $29,000. Los Angeles Capital Management LLC purchased a new position in shares of Texas Pacific Land in the fourth quarter worth about $31,000. Finally, Silicon Valley Capital Partners purchased a new position in shares of Texas Pacific Land in the third quarter worth about $33,000. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Down 2.2%

Shares of TPL opened at $365.93 on Friday. The stock has a market capitalization of $25.24 billion, a P/E ratio of 46.63 and a beta of 0.61. The firm has a fifty day simple moving average of $384.32 and a two-hundred day simple moving average of $419.71. 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 released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.18 by $0.05. The firm had revenue of $246.10 million for the quarter, compared to analysts’ expectations of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. Sell-side analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

Analyst Upgrades and Downgrades

TPL has been the subject of a number of recent research reports. Zacks Research raised Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Texas Pacific Land has a consensus rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Profile

Texas Pacific Land Corporation (NYSE:TPL) is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.