Prudential Financial Inc. Boosts Stake in Texas Pacific Land Corporation $TPL

Prudential Financial Inc. raised its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 8.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,966 shares of the financial services provider’s stock after buying an additional 884 shares during the quarter. Prudential Financial Inc.’s holdings in Texas Pacific Land were worth $11,584,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Texas Pacific Land by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider’s stock valued at $3,267,588,000 after acquiring an additional 115,743 shares during the last quarter. TD Asset Management Inc raised its stake in Texas Pacific Land by 1,104.4% during the second quarter. TD Asset Management Inc now owns 96,123 shares of the financial services provider’s stock valued at $101,543,000 after purchasing an additional 88,142 shares in the last quarter. Nuveen LLC purchased a new stake in Texas Pacific Land during the first quarter valued at $68,518,000. CW Advisors LLC bought a new position in Texas Pacific Land during the first quarter valued at $31,919,000. Finally, Geode Capital Management LLC grew its stake in shares of Texas Pacific Land by 3.9% in the 2nd quarter. Geode Capital Management LLC now owns 605,760 shares of the financial services provider’s stock worth $648,866,000 after buying an additional 22,796 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

TPL has been the topic of several recent research reports. Tudor Pickering upgraded shares of Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Texas Pacific Land has an average rating of “Reduce”.

Texas Pacific Land Stock Performance

TPL opened at $864.55 on Friday. The stock’s 50 day moving average price is $932.42 and its 200-day moving average price is $1,002.01. Texas Pacific Land Corporation has a one year low of $838.27 and a one year high of $1,692.51. The stock has a market cap of $19.87 billion, a price-to-earnings ratio of 43.10 and a beta of 1.12.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.77 by ($0.50). Texas Pacific Land had a return on equity of 39.47% and a net margin of 62.16%.The business had revenue of $203.10 million for the quarter, compared to the consensus estimate of $175.00 million.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, December 1st. Texas Pacific Land’s payout ratio is currently 30.92%.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.