EP Wealth Advisors LLC Takes Position in Texas Pacific Land Corporation $TPL

EP Wealth Advisors LLC acquired a new position in Texas Pacific Land Corporation (NYSE:TPL) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,273 shares of the financial services provider’s stock, valued at approximately $995,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Horizon Kinetics Asset Management LLC boosted its stake in shares of Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after acquiring an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. boosted its position in Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after purchasing an additional 4,975,738 shares in the last quarter. State Street Corp grew its holdings in Texas Pacific Land by 206.8% in the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock valued at $1,030,259,000 after purchasing an additional 2,417,705 shares during the period. Geode Capital Management LLC grew its holdings in Texas Pacific Land by 203.7% in the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after purchasing an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC increased its position in shares of Texas Pacific Land by 200.0% in the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock valued at $339,149,000 after buying an additional 787,200 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insider Buying and Selling at Texas Pacific Land

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

Analyst Ratings Changes

A number of research analysts have recently issued reports 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 reissued a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Texas Pacific Land has an average rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Price Performance

TPL stock opened at $384.52 on Monday. The business has a 50 day simple moving average of $388.01 and a 200-day simple moving average of $423.50. The firm has a market capitalization of $26.52 billion, a PE ratio of 49.00 and a beta of 0.60. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. On average, equities research 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s dividend payout ratio is presently 30.57%.

Texas Pacific Land 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.