Pictet Asset Management Holding SA Cuts Stock Position in Texas Pacific Land Corporation $TPL

Pictet Asset Management Holding SA cut its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 5.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 23,291 shares of the financial services provider’s stock after selling 1,255 shares during the period. Pictet Asset Management Holding SA’s holdings in Texas Pacific Land were worth $11,053,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Realta Investment Advisors purchased a new stake in Texas Pacific Land in the first quarter worth approximately $1,143,000. Maridea Wealth Management LLC bought a new position in Texas Pacific Land during the first quarter valued at approximately $210,000. Wesbanco Bank Inc. purchased a new position in shares of Texas Pacific Land during the first quarter worth approximately $269,000. Penn Davis Mcfarland Inc. purchased a new position in shares of Texas Pacific Land during the first quarter worth approximately $214,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Texas Pacific Land in the 1st quarter worth approximately $1,424,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TPL. Zacks Research cut shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $639.00.

Texas Pacific Land Price Performance

TPL opened at $407.29 on Friday. The stock’s 50 day simple moving average is $396.85 and its 200 day simple moving average is $404.11. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The firm has a market cap of $28.09 billion, a price-to-earnings ratio of 55.79 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data 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 during 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%. As a group, sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

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

Insider Buying and Selling

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

Texas Pacific Land Company 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.