Wealthfront Advisers LLC Sells 711 Shares of Texas Pacific Land Corporation $TPL

Wealthfront Advisers LLC reduced its position in Texas Pacific Land Corporation (NYSE:TPL) by 6.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,836 shares of the financial services provider’s stock after selling 711 shares during the quarter. Wealthfront Advisers LLC’s holdings in Texas Pacific Land were worth $10,391,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Allworth Financial LP boosted its holdings in shares of Texas Pacific Land by 42.1% in the 1st quarter. Allworth Financial LP now owns 27 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 8 shares in the last quarter. Riversedge Advisors LLC boosted its holdings in shares of Texas Pacific Land by 2.2% in the 1st quarter. Riversedge Advisors LLC now owns 370 shares of the financial services provider’s stock worth $490,000 after purchasing an additional 8 shares in the last quarter. Hemington Wealth Management boosted its holdings in shares of Texas Pacific Land by 66.7% in the 1st quarter. Hemington Wealth Management now owns 20 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 8 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Texas Pacific Land by 0.4% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 2,093 shares of the financial services provider’s stock worth $2,773,000 after purchasing an additional 9 shares in the last quarter. Finally, Meeder Advisory Services Inc. boosted its holdings in shares of Texas Pacific Land by 5.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 211 shares of the financial services provider’s stock worth $280,000 after purchasing an additional 10 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Texas Pacific Land news, Director Eric L. Oliver acquired 100 shares of the company’s stock in a transaction on Thursday, August 21st. The stock was acquired at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the acquisition, the director owned 393,600 shares in the company, valued at $346,867,872. This represents a 0.03% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 6.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a report on Tuesday, October 14th. Tudor Pickering upgraded Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. One research analyst has rated the stock with a Hold rating and one has given 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

NYSE TPL opened at $929.73 on Monday. Texas Pacific Land Corporation has a fifty-two week low of $845.56 and a fifty-two week high of $1,769.14. The stock has a 50 day simple moving average of $923.08 and a two-hundred day simple moving average of $1,060.91. The stock has a market cap of $21.37 billion, a P/E ratio of 46.35 and a beta of 1.12.

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

Texas Pacific Land Dividend Announcement

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

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.