Prudential PLC Acquires New Holdings in Texas Pacific Land Corporation $TPL

Prudential PLC bought a new position in Texas Pacific Land Corporation (NYSE:TPL) in the second quarter, HoldingsChannel.com reports. The fund bought 248 shares of the financial services provider’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of TPL. Catalyst Funds Management Pty Ltd bought a new stake in shares of Texas Pacific Land in the second quarter worth $706,000. PKS Advisory Services LLC purchased a new position in Texas Pacific Land in the second quarter worth about $308,000. Empowered Funds LLC grew its stake in shares of Texas Pacific Land by 16.7% during the 2nd quarter. Empowered Funds LLC now owns 11,909 shares of the financial services provider’s stock valued at $12,581,000 after purchasing an additional 1,701 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of Texas Pacific Land by 4.5% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 9,010 shares of the financial services provider’s stock valued at $9,518,000 after purchasing an additional 386 shares during the last quarter. Finally, Alberta Investment Management Corp purchased a new stake in shares of Texas Pacific Land during the 2nd quarter valued at about $2,430,000. 59.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on TPL shares. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, November 17th. Tudor Pickering upgraded 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 stock. According to MarketBeat.com, Texas Pacific Land has a consensus rating of “Reduce”.

Texas Pacific Land Stock Down 2.0%

NYSE TPL opened at $878.59 on Tuesday. Texas Pacific Land Corporation has a twelve month low of $845.56 and a twelve month high of $1,769.14. The business has a 50-day moving average price of $935.90 and a 200-day moving average price of $1,007.05. The firm has a market cap of $20.19 billion, a price-to-earnings ratio of 43.80 and a beta of 1.12.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $5.27 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 business had revenue of $203.10 million during the quarter, compared to analysts’ expectations of $175.00 million.

Texas Pacific Land Dividend Announcement

The business 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 $1.60 dividend. The ex-dividend date is Monday, December 1st. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio is presently 30.92%.

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.