Key Points
- Texas Pacific Land CFO Chris Steddum sold shares twice in early June, including 3,170 shares for about $1.27 million and an additional 830 shares for about $332,274. The sales were made under a pre-arranged Rule 10b5-1 trading plan.
- TPL shares were down 3.7% and traded around $381.58, below both its 50-day and 200-day moving averages. The stock has ranged from $269.23 to $547.20 over the past 52 weeks.
- The company reported solid quarterly results and a dividend, beating EPS estimates with $2.07 per share and posting revenue of $236.8 million. It also declared a $0.60 quarterly dividend, implying a 0.6% yield.
Texas Pacific Land Corporation (NYSE:TPL - Get Free Report) CFO Chris Steddum sold 830 shares of the business'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 sale, the chief financial officer directly owned 12,040 shares of the company's stock, valued at $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Chris Steddum also recently made the following trade(s):
- On Friday, June 5th, Chris Steddum sold 3,170 shares of Texas Pacific Land stock. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50.
Texas Pacific Land Stock Down 3.7%
Shares of NYSE TPL opened at $381.58 on Wednesday. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The firm has a fifty day moving average of $415.23 and a 200-day moving average of $393.63. The stock has a market capitalization of $26.32 billion, a PE ratio of 52.27 and a beta of 0.61.
Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. Equities research analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.
Texas Pacific Land Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land's payout ratio is currently 32.88%.
Analysts Set New Price Targets
Several equities analysts recently weighed in on the stock. KeyCorp lifted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Zacks Research lowered shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a report on Monday, June 1st. Finally, Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. One investment 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $639.00.
Check Out Our Latest Stock Report on Texas Pacific Land
Hedge Funds Weigh In On Texas Pacific Land
A number of institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its holdings in Texas Pacific Land by 10.7% in the 1st quarter. Parallel Advisors LLC now owns 757 shares of the financial services provider's stock worth $360,000 after buying an additional 73 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Texas Pacific Land by 832.0% in the 1st quarter. NewEdge Advisors LLC now owns 28,697 shares of the financial services provider's stock worth $13,618,000 after purchasing an additional 25,618 shares during the last quarter. Blue Fin Capital Inc. bought a new stake in shares of Texas Pacific Land in the 1st quarter worth about $253,000. Glenmede Trust Co. NA increased 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 purchasing an additional 541 shares during the last quarter. Finally, Verus Capital Partners LLC increased 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 purchasing an additional 368 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.
About Texas Pacific Land
(
Get Free Report)
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.
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