Empowered Funds LLC Purchases 2,171 Shares of Texas Pacific Land Corporation $TPL

Empowered Funds LLC raised its position in Texas Pacific Land Corporation (NYSE:TPL) by 12.5% during the first quarter, Holdings Channel reports. The firm owned 19,503 shares of the financial services provider’s stock after purchasing an additional 2,171 shares during the period. Empowered Funds LLC’s holdings in Texas Pacific Land were worth $9,255,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in Texas Pacific Land by 10.7% in the first quarter. Parallel Advisors LLC now owns 757 shares of the financial services provider’s stock valued at $360,000 after buying an additional 73 shares during the period. NewEdge Advisors LLC grew its holdings in Texas Pacific Land by 832.0% during the 1st quarter. NewEdge Advisors LLC now owns 28,697 shares of the financial services provider’s stock worth $13,618,000 after acquiring an additional 25,618 shares during the period. Blue Fin Capital Inc. acquired a new stake in Texas Pacific Land during the 1st quarter worth about $253,000. Glenmede Trust Co. NA raised its position in shares of Texas Pacific Land by 33.0% in the 1st quarter. Glenmede Trust Co. NA now owns 2,182 shares of the financial services provider’s stock worth $1,035,000 after acquiring an additional 541 shares in the last quarter. Finally, Verus Capital Partners LLC raised its position in shares of Texas Pacific Land by 14.7% in the 1st quarter. Verus Capital Partners LLC now owns 2,867 shares of the financial services provider’s stock worth $1,361,000 after acquiring an additional 368 shares in the last quarter. 59.94% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Zacks Research raised Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $359.22 on Friday. The business has a 50-day simple moving average of $389.05 and a 200 day simple moving average of $422.15. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The firm has a market capitalization of $24.78 billion, a price-to-earnings ratio of 45.78 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating 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 firm had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. On average, sell-side analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

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

Insider Buying and Selling

In other Texas Pacific Land 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 transaction, the chief financial officer owned 12,040 shares in the company, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

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.