Janney Montgomery Scott LLC Buys New Position in Texas Pacific Land Corporation $TPL

Janney Montgomery Scott LLC purchased a new stake in Texas Pacific Land Corporation (NYSE:TPL) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 62,385 shares of the financial services provider’s stock, valued at approximately $27,302,000. Janney Montgomery Scott LLC owned about 0.09% of Texas Pacific Land as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. 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 boosted its holdings in shares of Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 63 shares during the last quarter. Quarry LP acquired a new stake in shares of Texas Pacific Land in the third quarter worth $29,000. Los Angeles Capital Management LLC purchased a new position in shares of Texas Pacific Land during the fourth quarter worth $31,000. Finally, Silicon Valley Capital Partners purchased a new position in shares of Texas Pacific Land during the third quarter worth $33,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

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.

Analyst Ratings Changes

Several research firms have commented 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 reissued a “hold (c+)” rating on shares of Texas Pacific Land in a 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 given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Stock Performance

TPL stock opened at $359.22 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The firm’s fifty day moving average is $389.05 and its 200 day moving average is $422.15. The firm has a market cap of $24.78 billion, a PE ratio of 45.78 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. Research 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 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%.

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.