EP Wealth Advisors LLC Invests $995,000 in Texas Pacific Land Corporation $TPL

EP Wealth Advisors LLC bought a new stake in Texas Pacific Land Corporation (NYSE:TPL) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 2,273 shares of the financial services provider’s stock, valued at approximately $995,000.

A number of other hedge funds have also modified their holdings of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock worth $2,570,000 after purchasing an additional 545 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Texas Pacific Land by 74.1% in the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock valued at $1,211,000 after buying an additional 389 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock valued at $2,109,000 after buying an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after buying an additional 12 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Texas Pacific Land by 2,177.5% during the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock worth $4,812,000 after buying an additional 4,355 shares during the period. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Chris Steddum sold 3,170 shares of the firm’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 $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $384.52 on Monday. The stock’s 50 day moving average price is $388.01 and its 200 day moving average price is $423.50. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a market cap of $26.52 billion, a PE ratio of 49.00 and a beta of 0.60.

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, topping the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The firm had revenue of $246.10 million during the quarter, compared to analysts’ expectations of $249.50 million. On average, equities research analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.57%.

Wall Street Analyst Weigh In

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

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.