State of Michigan Retirement System Purchases 300 Shares of Texas Pacific Land Corporation $TPL

State of Michigan Retirement System grew its position in Texas Pacific Land Corporation (NYSE:TPL) by 4.9% during the second quarter, HoldingsChannel reports. The firm owned 6,400 shares of the financial services provider’s stock after buying an additional 300 shares during the period. State of Michigan Retirement System’s holdings in Texas Pacific Land were worth $6,761,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Hemington Wealth Management boosted its stake 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 valued at $26,000 after purchasing an additional 8 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in shares of Texas Pacific Land in the 1st quarter valued at $28,000. Allworth Financial LP boosted its stake 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 valued at $36,000 after purchasing an additional 8 shares during the last quarter. GW&K Investment Management LLC boosted its stake in shares of Texas Pacific Land by 237.5% in the 1st quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 19 shares during the last quarter. Finally, IMA Advisory Services Inc. bought a new stake in shares of Texas Pacific Land in the 1st quarter valued at $36,000. 59.94% of the stock is owned by institutional investors.

Insider Buying and Selling at Texas Pacific Land

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 shares were purchased at an average cost of $881.27 per share, with a total value of $88,127.00. Following the completion of the purchase, the director owned 393,600 shares of the company’s stock, valued at approximately $346,867,872. This represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TPL shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research note on Tuesday, October 14th. Tudor Pickering raised shares of Texas Pacific Land to a “strong sell” rating in a research note on Tuesday, October 21st. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Texas Pacific Land has an average rating of “Reduce”.

Texas Pacific Land Stock Down 1.0%

Shares of NYSE TPL opened at $915.05 on Wednesday. The firm has a market cap of $21.03 billion, a PE ratio of 45.62 and a beta of 1.12. Texas Pacific Land Corporation has a 12-month low of $845.56 and a 12-month high of $1,769.14. The company’s fifty day simple moving average is $927.18 and its 200 day simple moving average is $1,043.19.

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

About Texas Pacific Land

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.