Texas Pacific Land Corporation $TPL Shares Acquired by Empowered Funds LLC

Empowered Funds LLC increased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 12.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,503 shares of the financial services provider’s stock after buying an additional 2,171 shares during the period. Empowered Funds LLC’s holdings in Texas Pacific Land were worth $9,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Summit Securities Group LLC raised its position in Texas Pacific Land by 171.9% during the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 55 shares during the period. IFP Advisors Inc lifted its holdings in Texas Pacific Land by 185.3% during the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 63 shares in the last quarter. Quarry LP acquired a new stake in shares of Texas Pacific Land in the third quarter valued at about $29,000. Eagle Bay Advisors LLC acquired a new stake in shares of Texas Pacific Land in the fourth quarter valued at about $31,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Texas Pacific Land during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TPL. 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. Zacks Research cut Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. 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 company’s stock. Based on data from MarketBeat.com, Texas Pacific Land currently has an average rating of “Reduce” and a consensus target price of $639.00.

Texas Pacific Land Price Performance

Shares of TPL stock opened at $394.58 on Friday. The company has a market capitalization of $27.21 billion, a PE ratio of 54.05 and a beta of 0.58. The firm’s 50-day moving average is $395.05 and its two-hundred day moving average is $420.07. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly 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 business had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Sell-side analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

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

About Texas Pacific Land

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.