1,743 Shares in Texas Pacific Land Corporation $TPL Acquired by Claris Financial LLC

Claris Financial LLC bought a new stake in Texas Pacific Land Corporation (NYSE:TPL) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 1,743 shares of the financial services provider’s stock, valued at approximately $501,000.

Other institutional investors also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB grew its holdings in Texas Pacific Land by 363.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 69 shares in the last quarter. Summit Securities Group LLC increased its position in shares of Texas Pacific Land by 171.9% in the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 55 shares during the last quarter. IFP Advisors Inc increased its position in shares of Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 63 shares during the last quarter. Quarry LP acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at $29,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Texas Pacific Land in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Up 0.2%

Shares of TPL opened at $355.05 on Friday. The company has a market capitalization of $24.49 billion, a price-to-earnings ratio of 48.64 and a beta of 0.61. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The stock has a 50 day moving average price of $403.01 and a 200 day moving average price of $397.26.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. The company had revenue of $236.80 million for the quarter, compared to analysts’ expectations 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 analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is 32.88%.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land 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 sale, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TPL. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. KeyCorp increased their target price on 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 Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Finally, Zacks Research downgraded Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Texas Pacific Land currently has an average rating of “Hold” and an average price target of $639.00.

About Texas Pacific Land

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.