4,677 Shares in Texas Pacific Land Corporation $TPL Acquired by X Square Capital LLC

X Square Capital LLC acquired a new stake in Texas Pacific Land Corporation (NYSE:TPL) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 4,677 shares of the financial services provider’s stock, valued at approximately $2,047,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP bought a new stake in shares of Texas Pacific Land during the third quarter worth $29,000. Silicon Valley Capital Partners acquired a new stake in shares of Texas Pacific Land during the 3rd quarter valued at $33,000. Triumph Capital Management acquired a new stake in shares of Texas Pacific Land during the 3rd quarter valued at $36,000. MUFG Securities EMEA plc bought a new stake in Texas Pacific Land during the 2nd quarter worth $59,000. Finally, EverSource Wealth Advisors LLC grew its position in Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 12 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction 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. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land Trading Up 4.0%

Shares of TPL stock opened at $384.52 on Friday. 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 $26.52 billion, a price-to-earnings ratio of 49.00 and a beta of 0.60. The stock has a 50-day moving average of $388.01 and a 200-day moving average of $422.90.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating the consensus estimate of $2.18 by $0.05. The business had revenue of $246.10 million for the quarter, compared to analysts’ expectations of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. Sell-side analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid 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 of this dividend is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio is currently 30.57%.

Analyst Ratings Changes

Several equities analysts have commented on TPL shares. 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 restated a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One equities 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, Texas Pacific Land currently has a consensus rating of “Hold” and a consensus target price 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.