Texas Pacific Land Corporation $TPL Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its stake in Texas Pacific Land Corporation (NYSE:TPL) by 5.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,588 shares of the financial services provider’s stock after selling 1,694 shares during the period. The Manufacturers Life Insurance Company’s holdings in Texas Pacific Land were worth $12,949,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 buying an additional 545 shares during the last quarter. NewEdge Advisors LLC boosted 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 acquiring an additional 389 shares in the last quarter. Woodline Partners LP boosted 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 acquiring an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC increased 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 acquiring an additional 12 shares during the period. Finally, Marshall Wace LLP increased 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 acquiring an additional 4,355 shares during the period. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Up 0.7%

Shares of NYSE TPL opened at $368.79 on Friday. The stock has a market capitalization of $25.44 billion, a price-to-earnings ratio of 47.00 and a beta of 0.61. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The firm has a 50-day moving average price of $383.55 and a 200 day moving average price of $419.35.

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

Texas Pacific Land Announces Dividend

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

Analyst Ratings Changes

TPL has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research 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 stock. Based on data from MarketBeat, Texas Pacific Land presently has a consensus rating of “Hold” and a consensus target price of $639.00.

About Texas Pacific Land

Texas Pacific Land Corporation (NYSE:TPL) is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.