Stegent Equity Advisors Inc. Sells 232 Shares of Texas Pacific Land Corporation $TPL

Stegent Equity Advisors Inc. cut its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 12.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,684 shares of the financial services provider’s stock after selling 232 shares during the quarter. Texas Pacific Land accounts for 1.6% of Stegent Equity Advisors Inc.’s holdings, making the stock its 20th largest position. Stegent Equity Advisors Inc.’s holdings in Texas Pacific Land were worth $1,779,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in TPL. GAMMA Investing LLC increased its holdings in shares of Texas Pacific Land by 82.0% during the first quarter. GAMMA Investing LLC now owns 273 shares of the financial services provider’s stock worth $362,000 after purchasing an additional 123 shares during the period. Moran Wealth Management LLC bought a new position in shares of Texas Pacific Land during the first quarter worth approximately $217,000. Spire Wealth Management acquired a new stake in shares of Texas Pacific Land during the 1st quarter worth approximately $844,000. Bessemer Group Inc. boosted its position in shares of Texas Pacific Land by 320.0% during the 1st quarter. Bessemer Group Inc. now owns 105 shares of the financial services provider’s stock worth $139,000 after acquiring an additional 80 shares in the last quarter. Finally, Golden State Wealth Management LLC boosted its position in shares of Texas Pacific Land by 110.0% during the 1st quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 11 shares in the last quarter. 59.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a research report on Tuesday, October 14th. Tudor Pickering upgraded shares of Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $929.73 on Friday. Texas Pacific Land Corporation has a fifty-two week low of $845.56 and a fifty-two week high of $1,769.14. The firm has a market capitalization of $21.37 billion, a P/E ratio of 46.35 and a beta of 1.12. The company’s 50 day moving average price is $923.08 and its two-hundred day moving average price is $1,062.39.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.43). Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%. The company had revenue of $187.54 million during the quarter, compared to analyst estimates of $198.00 million.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were given a $1.60 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 31.90%.

Insiders Place Their Bets

In related news, Director Eric L. Oliver bought 100 shares of the business’s stock in a transaction on Thursday, August 21st. The shares were purchased at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the completion of the transaction, the director directly owned 393,600 shares of the company’s stock, valued at approximately $346,867,872. This represents a 0.03% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land 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.