Texas Pacific Land Corporation $TPL Shares Bought by Russell Investments Group Ltd.

Russell Investments Group Ltd. boosted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 45.5% during the second quarter, HoldingsChannel.com reports. The firm owned 42,329 shares of the financial services provider’s stock after purchasing an additional 13,230 shares during the period. Russell Investments Group Ltd.’s holdings in Texas Pacific Land were worth $18,501,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Horizon Kinetics Asset Management LLC raised its stake in shares of 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 worth $2,968,063,000 after buying an additional 6,829,070 shares during the period. Vanguard Group Inc. lifted its position in shares of Texas Pacific Land by 192.8% during the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after buying an additional 4,975,738 shares in the last quarter. State Street Corp grew its stake 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 valued at $1,030,259,000 after acquiring an additional 2,417,705 shares during the period. Geode Capital Management LLC grew its stake in 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 valued at $503,581,000 after acquiring an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC increased its holdings in 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 acquiring an additional 787,200 shares in the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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. Corporate insiders own 6.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Stock Up 3.5%

Shares of NYSE:TPL opened at $359.22 on Friday. The business has a fifty day moving average of $389.05 and a two-hundred day moving average of $422.15. The stock has a market cap of $24.78 billion, a P/E ratio of 45.78 and a beta of 0.60. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The business had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. On average, equities analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land’s dividend payout ratio is currently 30.57%.

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.