Amundi Purchases 29,244 Shares of Texas Pacific Land Corporation $TPL

Amundi lifted its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 11.7% in the first quarter, HoldingsChannel.com reports. The firm owned 279,786 shares of the financial services provider’s stock after purchasing an additional 29,244 shares during the period. Amundi’s holdings in Texas Pacific Land were worth $132,775,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Horizon Kinetics Asset Management LLC increased its holdings in Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock valued at $2,968,063,000 after purchasing an additional 6,829,070 shares during the period. Vanguard Group Inc. lifted its holdings in Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after buying an additional 4,975,738 shares during the period. State Street Corp lifted its holdings in Texas Pacific Land by 206.8% in the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after buying an additional 2,417,705 shares during the period. Geode Capital Management LLC grew its position in shares of Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after buying an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC grew its position in shares of Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after buying an additional 787,200 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Price Performance

TPL stock opened at $403.23 on Friday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The company has a market cap of $27.81 billion, a P/E ratio of 55.24 and a beta of 0.58. The firm has a 50-day moving average of $395.06 and a 200 day moving average of $419.95.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.03 by $0.04. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, equities research analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

Wall Street Analysts Forecast Growth

TPL has been the topic of several research analyst reports. Zacks Research raised Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Texas Pacific Land presently has a consensus rating of “Hold” and an average target price of $639.00.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of the firm’s 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 owned 12,870 shares in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by 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.