North Point Portfolio Managers Corp OH Sells 6,284 Shares of Texas Pacific Land Corporation $TPL

North Point Portfolio Managers Corp OH lowered its stake in Texas Pacific Land Corporation (NYSE:TPL) by 17.7% during the 1st quarter, Holdings Channel reports. The firm owned 29,173 shares of the financial services provider’s stock after selling 6,284 shares during the quarter. Texas Pacific Land makes up about 2.5% of North Point Portfolio Managers Corp OH’s holdings, making the stock its 17th biggest position. North Point Portfolio Managers Corp OH’s holdings in Texas Pacific Land were worth $13,844,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its position in shares of Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after buying an additional 12 shares in the last quarter. Aptus Capital Advisors LLC grew its holdings in Texas Pacific Land by 1.6% during the 3rd quarter. Aptus Capital Advisors LLC now owns 969 shares of the financial services provider’s stock valued at $905,000 after buying an additional 15 shares in the last quarter. Intech Investment Management LLC grew its holdings in Texas Pacific Land by 1.6% during the 3rd quarter. Intech Investment Management LLC now owns 1,031 shares of the financial services provider’s stock valued at $963,000 after buying an additional 16 shares in the last quarter. Sei Investments Co. increased its stake in Texas Pacific Land by 1.1% in the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock worth $1,782,000 after acquiring an additional 20 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in Texas Pacific Land by 5.4% in the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 21 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

Analyst Upgrades and Downgrades

TPL has been the subject of a number of research reports. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. 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 lowered shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Texas Pacific Land currently has a consensus rating of “Hold” and an average target price of $639.00.

Insider Activity

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the transaction, the chief financial officer owned 12,040 shares of the company’s stock, valued at $4,819,973.20. This represents a 6.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land Price Performance

Shares of TPL stock opened at $436.01 on Wednesday. The company has a market cap of $30.07 billion, a PE ratio of 59.73 and a beta of 0.61. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock’s 50 day simple moving average is $398.52 and its two-hundred day simple moving average is $402.36.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Equities research analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, June 1st. Texas Pacific Land’s dividend payout ratio is presently 32.88%.

Texas Pacific Land 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.