NewEdge Advisors LLC Raises Stock Holdings in Texas Pacific Land Corporation $TPL

NewEdge Advisors LLC boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 832.0% in the first quarter, HoldingsChannel.com reports. The fund owned 28,697 shares of the financial services provider’s stock after acquiring an additional 25,618 shares during the quarter. NewEdge Advisors LLC’s holdings in Texas Pacific Land were worth $13,618,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in TPL. Summit Securities Group LLC increased its holdings in shares of Texas Pacific Land by 171.9% in the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 55 shares during the period. IFP Advisors Inc lifted 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 purchasing an additional 63 shares during the period. Quarry LP purchased a new stake in Texas Pacific Land in the third quarter valued at approximately $29,000. Eagle Bay Advisors LLC purchased a new position in Texas Pacific Land during the 4th quarter worth approximately $31,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Texas Pacific Land in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TPL. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Price Performance

TPL opened at $341.75 on Friday. The firm has a fifty day moving average price of $392.64 and a 200 day moving average price of $421.73. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock has a market cap of $23.57 billion, a P/E ratio of 43.55 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. Equities analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land’s dividend payout ratio is currently 30.57%.

Insider Buying and Selling

In other news, CFO Chris Steddum sold 830 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the sale, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

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.