KLCM Advisors Inc. Lowers Position in Texas Pacific Land Corporation $TPL

KLCM Advisors Inc. decreased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 11.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 25,990 shares of the financial services provider’s stock after selling 3,500 shares during the period. Texas Pacific Land makes up approximately 1.0% of KLCM Advisors Inc.’s investment portfolio, making the stock its 25th largest holding. KLCM Advisors Inc.’s holdings in Texas Pacific Land were worth $12,334,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Bar Harbor Wealth Management lifted its stake in Texas Pacific Land by 195.1% during the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock valued at $10,591,000 after purchasing an additional 24,379 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in Texas Pacific Land by 212.9% during the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock worth $5,231,000 after purchasing an additional 12,390 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Texas Pacific Land by 200.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock valued at $2,714,000 after purchasing an additional 6,307 shares in the last quarter. Schwartz Investment Counsel Inc. boosted its position in shares of Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after buying an additional 321,683 shares during the period. Finally, New York State Teachers Retirement System grew its holdings in shares of Texas Pacific Land by 184.1% during the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock valued at $11,156,000 after buying an additional 25,170 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TPL has been the subject of several research reports. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Zacks Research lowered shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Texas Pacific Land presently has an average rating of “Reduce” and a consensus price target of $639.00.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the transaction, the chief financial officer owned 12,870 shares in the company, valued at $5,151,217.50. This represents a 19.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 Stock Up 1.8%

TPL traded up $6.92 during trading on Friday, reaching $397.69. 229,152 shares of the company’s stock were exchanged, compared to its average volume of 418,561. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The business has a 50 day moving average price of $392.89 and a 200 day moving average price of $407.90. The company has a market capitalization of $27.43 billion, a P/E ratio of 54.48 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. As a group, research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s payout ratio is currently 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.