Family Manage LLC Has $5.21 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Family Manage LLC raised its position in Texas Pacific Land Corporation (NYSE:TPL) by 113.9% during the 1st quarter, HoldingsChannel reports. The fund owned 10,985 shares of the financial services provider’s stock after buying an additional 5,849 shares during the quarter. Family Manage LLC’s holdings in Texas Pacific Land were worth $5,213,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Bar Harbor Wealth Management boosted its holdings in shares of Texas Pacific Land by 195.1% in the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock valued at $10,591,000 after buying an additional 24,379 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of Texas Pacific Land by 212.9% in the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock valued at $5,231,000 after buying an additional 12,390 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Texas Pacific Land by 200.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock worth $2,714,000 after buying an additional 6,307 shares during the last quarter. New York State Teachers Retirement System increased its holdings in Texas Pacific Land by 184.1% during the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after buying an additional 25,170 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. raised its position in Texas Pacific Land by 209.7% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after acquiring an additional 321,683 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the transaction, the chief financial officer owned 12,040 shares in the company, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Analysts Set New Price Targets

TPL has been the subject of a number of recent analyst reports. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Zacks Research lowered shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $639.00.

Texas Pacific Land Trading Up 0.0%

TPL stock opened at $419.46 on Monday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The business’s 50 day simple moving average is $395.25 and its 200 day simple moving average is $417.38. The firm has a market capitalization of $28.93 billion, a PE ratio of 57.46 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results 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 return on equity of 35.52% and a net margin of 60.03%.The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. As a group, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is presently 32.88%.

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.