MOR Wealth Management LLC Trims Position in Texas Pacific Land Corporation $TPL

MOR Wealth Management LLC reduced its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 13.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,573 shares of the financial services provider’s stock after selling 1,864 shares during the period. Texas Pacific Land comprises approximately 2.5% of MOR Wealth Management LLC’s holdings, making the stock its 9th biggest position. MOR Wealth Management LLC’s holdings in Texas Pacific Land were worth $5,492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after buying an additional 545 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock worth $1,211,000 after buying an additional 389 shares during the last quarter. Woodline Partners LP lifted its holdings in Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock worth $2,109,000 after buying an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Texas Pacific Land by 21.4% in 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 in the last quarter. Finally, Marshall Wace LLP grew its position in shares of Texas Pacific Land by 2,177.5% in the 2nd 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 in the last quarter. Institutional investors own 59.94% of the company’s stock.

Insider Buying and Selling

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the sale, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TPL shares. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Zacks Research downgraded shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday. Finally, Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Texas Pacific Land currently has an average rating of “Reduce” and an average target price of $639.00.

Texas Pacific Land Stock Down 1.9%

Shares of NYSE TPL opened at $407.29 on Friday. The firm’s 50-day moving average price is $397.50 and its two-hundred day moving average price is $404.09. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The stock has a market capitalization of $28.09 billion, a P/E ratio of 55.79 and a beta of 0.58.

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

Texas Pacific Land Dividend Announcement

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

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.