Morningstar Investment Management LLC Has $3.32 Million Position in Texas Pacific Land Corporation $TPL

Morningstar Investment Management LLC lowered its position in Texas Pacific Land Corporation (NYSE:TPL) by 41.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 6,996 shares of the financial services provider’s stock after selling 4,878 shares during the period. Morningstar Investment Management LLC’s holdings in Texas Pacific Land were worth $3,320,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Summit Securities Group LLC lifted its stake in Texas Pacific Land by 171.9% in the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after buying an additional 55 shares in the last quarter. IFP Advisors Inc boosted its position in Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 63 shares during the last quarter. Quarry LP bought a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. Eagle Bay Advisors LLC bought a new stake in Texas Pacific Land during the fourth quarter worth about $31,000. Finally, Los Angeles Capital Management LLC acquired a new position in Texas Pacific Land during the fourth quarter worth approximately $31,000. Institutional investors own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. 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. Zacks Research lowered shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $639.00.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 3,170 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were 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 document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by insiders.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $419.46 on Friday. The stock’s 50 day moving average is $395.25 and its 200 day moving average is $416.54. 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 $28.93 billion, a P/E ratio of 57.46 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Equities analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The company 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. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 annualized dividend and a yield of 0.6%. Texas Pacific Land’s payout ratio is currently 32.88%.

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.