Chris Steddum Sells 3,170 Shares of Texas Pacific Land (NYSE:TPL) Stock

Texas Pacific Land Corporation (NYSE:TPL) CFO Chris Steddum sold 3,170 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the sale, the chief financial officer owned 12,870 shares in the company, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chris Steddum also recently made the following trade(s):

• On Monday, June 8th, Chris Steddum sold 830 shares of Texas Pacific Land stock. The shares were sold at an average price of $400.33, for a total value of $332,273.90.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $376.68 on Thursday. The stock’s 50-day simple moving average is $413.41 and its 200 day simple moving average is $394.21. The company has a market cap of $25.98 billion, a P/E ratio of 51.60 and a beta of 0.61. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20.

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

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is currently 32.88%.

Hedge Funds Weigh In On Texas Pacific Land

Institutional investors have recently bought and sold shares of the business. MassMutual Private Wealth & Trust FSB boosted its holdings 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 acquiring an additional 69 shares during the period. Summit Securities Group LLC boosted its holdings in shares of Texas Pacific Land by 171.9% during the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 55 shares during the period. IFP Advisors Inc boosted its holdings 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 worth $28,000 after acquiring an additional 63 shares during the period. Quarry LP bought a new stake in shares of Texas Pacific Land during the third quarter worth approximately $29,000. Finally, Eagle Bay Advisors LLC bought a new stake in shares of Texas Pacific Land during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analyst Ratings Changes

TPL has been the topic of a number of recent analyst reports. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. KeyCorp boosted their price target 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. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Finally, Zacks Research downgraded Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $639.00.

About Texas Pacific Land

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.