1,575 Shares in Texas Pacific Land Corporation $TPL Acquired by Somerville Kurt F

Somerville Kurt F acquired a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,575 shares of the financial services provider’s stock, valued at approximately $689,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Tocqueville Asset Management L.P. bought a new stake in Texas Pacific Land in the second quarter worth approximately $35,503,000. NewEdge Wealth LLC acquired a new position in shares of Texas Pacific Land during the 2nd quarter worth $2,488,000. Empirical Asset Management LLC bought a new position in shares of Texas Pacific Land during the 2nd quarter valued at $1,112,000. Danica Pension Livsforsikringsaktieselskab bought a new position in shares of Texas Pacific Land during the 2nd quarter valued at $3,509,000. Finally, Danske Bank A S acquired a new stake in shares of Texas Pacific Land in the 2nd quarter valued at $135,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This represents a 19.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 Stock Up 2.1%

TPL opened at $373.12 on Thursday. The firm has a market capitalization of $25.73 billion, a P/E ratio of 47.55 and a beta of 0.60. The stock’s 50 day moving average price is $387.94 and its two-hundred day moving average price is $423.04. 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 issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $246.10 million during the quarter, compared to analyst estimates of $249.50 million. As a group, analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s payout ratio is 30.57%.

Wall Street Analyst Weigh In

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

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.