Texas Pacific Land (NYSE:TPL) CFO Chris Steddum Sells 3,170 Shares

Texas Pacific Land Corporation (NYSE:TPL) CFO Chris Steddum sold 3,170 shares of the company’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 transaction of $1,268,792.50. Following the sale, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at approximately $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chris Steddum also recently made the following trade(s):

• On Monday, June 8th, Chris Steddum sold 830 shares of Texas Pacific Land stock. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90.

Texas Pacific Land Trading Down 3.7%

Shares of TPL stock opened at $381.58 on Wednesday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock has a market cap of $26.32 billion, a P/E ratio of 52.27 and a beta of 0.61. The company has a 50 day simple moving average of $415.23 and a two-hundred day simple moving average of $393.63.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. As a group, equities analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a $0.60 dividend. The ex-dividend date of this dividend is 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 32.88%.

Hedge Funds Weigh In On Texas Pacific Land

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. KeyCorp increased their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Finally, Zacks Research cut shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.