Texas Pacific Land Corporation $TPL Shares Sold by Manchester Capital Management LLC

Manchester Capital Management LLC reduced its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 87.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 219 shares of the financial services provider’s stock after selling 1,570 shares during the quarter. Manchester Capital Management LLC’s holdings in Texas Pacific Land were worth $63,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Quarry LP acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $29,000. Silicon Valley Capital Partners acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $33,000. Triumph Capital Management acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $36,000. IMA Advisory Services Inc. lifted its holdings in shares of Texas Pacific Land by 77.8% in the 3rd quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider’s stock valued at $45,000 after buying an additional 21 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $46,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was 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 owned 12,870 shares of the company’s stock, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $376.68 on Thursday. The stock has a fifty day moving average of $413.41 and a two-hundred day moving average of $394.21. The company has a market capitalization of $25.98 billion, a price-to-earnings ratio of 51.60 and a beta of 0.61. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. On average, analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given 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 yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.88%.

Analysts Set New Price Targets

TPL has been the subject of several recent analyst reports. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Zacks Research downgraded Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Finally, KeyCorp raised their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. 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 stock. According to data from MarketBeat.com, Texas Pacific Land has an average 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.