Evelyn Partners Investment Management LLP Reduces Stock Position in Texas Pacific Land Corporation $TPL

Evelyn Partners Investment Management LLP lessened its stake in Texas Pacific Land Corporation (NYSE:TPL) by 33.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,475 shares of the financial services provider’s stock after selling 1,730 shares during the quarter. Evelyn Partners Investment Management LLP’s holdings in Texas Pacific Land were worth $1,649,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Quantinno Capital Management LP lifted its position in Texas Pacific Land by 48.5% during the first quarter. Quantinno Capital Management LP now owns 21,351 shares of the financial services provider’s stock worth $10,133,000 after buying an additional 6,976 shares in the last quarter. Family Manage LLC grew its holdings in Texas Pacific Land by 113.9% in the 1st quarter. Family Manage LLC now owns 10,985 shares of the financial services provider’s stock valued at $5,213,000 after buying an additional 5,849 shares in the last quarter. RIHO Partners LLC grew its holdings in Texas Pacific Land by 5.6% in the 1st quarter. RIHO Partners LLC now owns 14,369 shares of the financial services provider’s stock valued at $6,819,000 after buying an additional 764 shares in the last quarter. Cypress Capital Group acquired a new stake in shares of Texas Pacific Land in the 1st quarter worth $358,000. Finally, OMERS ADMINISTRATION Corp increased its stake in shares of Texas Pacific Land by 36.8% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 2,725 shares of the financial services provider’s stock worth $1,293,000 after acquiring an additional 733 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the sale, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Stock Performance

TPL stock opened at $396.19 on Tuesday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The firm has a market cap of $27.33 billion, a PE ratio of 54.27 and a beta of 0.58. The firm’s 50 day moving average price is $395.44 and its 200-day moving average price is $418.11.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Equities research analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio is currently 32.88%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TPL. Zacks Research lowered Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” 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.