Metis Global Partners LLC Trims Stake in Texas Pacific Land Corporation $TPL

Metis Global Partners LLC reduced its stake in Texas Pacific Land Corporation (NYSE:TPL) by 10.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 682 shares of the financial services provider’s stock after selling 83 shares during the period. Metis Global Partners LLC’s holdings in Texas Pacific Land were worth $720,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of TPL. Hemington Wealth Management raised its position 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 acquiring an additional 8 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in Texas Pacific Land in the first quarter worth $28,000. Allworth Financial LP raised its holdings in Texas Pacific Land by 42.1% in the first 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. GW&K Investment Management LLC raised its holdings in Texas Pacific Land by 237.5% in the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 19 shares in the last quarter. Finally, IMA Advisory Services Inc. purchased a new position in Texas Pacific Land during the first quarter valued at $36,000. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Price Performance

Shares of NYSE:TPL opened at $1,006.99 on Thursday. Texas Pacific Land Corporation has a 1-year low of $845.56 and a 1-year high of $1,769.14. The business has a fifty day moving average price of $934.11 and a 200-day moving average price of $1,031.23. The company has a market capitalization of $23.14 billion, a PE ratio of 50.20 and a beta of 1.12.

Texas Pacific Land (NYSE:TPL) last announced 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 firm had revenue of $203.10 million during the quarter, compared to the consensus estimate of $175.00 million.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $1.60 per share. The ex-dividend date is Monday, December 1st. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio is presently 30.92%.

Insider Activity at Texas Pacific Land

In other news, Director Eric L. Oliver purchased 100 shares of Texas Pacific Land stock in a transaction that occurred on Thursday, August 21st. The stock was bought at an average price of $881.27 per share, with a total value 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. The trade was a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TPL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Tuesday. Tudor Pickering upgraded shares of Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

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.