Kestra Private Wealth Services LLC Makes New $1.04 Million Investment in Texas Pacific Land Corporation $TPL

Kestra Private Wealth Services LLC bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL) in the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 2,202 shares of the financial services provider’s stock, valued at approximately $1,045,000.

A number of other large investors have also recently made changes to their positions in TPL. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 69 shares during the last quarter. Summit Securities Group LLC lifted its holdings in Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after buying an additional 55 shares in the last quarter. IFP Advisors Inc lifted its holdings in Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after buying an additional 63 shares in the last quarter. Quarry LP purchased a new stake in Texas Pacific Land in the 3rd quarter valued at about $29,000. Finally, Eagle Bay Advisors LLC purchased a new stake in Texas Pacific Land in the 4th quarter valued at about $31,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $400.25, for a total value 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 approximately $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $436.01 on Wednesday. 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 cap of $30.07 billion, a P/E ratio of 59.73 and a beta of 0.61. The firm has a 50-day simple moving average of $398.52 and a 200-day simple moving average of $402.36.

Texas Pacific Land (NYSE:TPL) last announced its earnings results 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 return on equity of 35.52% and a net margin of 60.03%.The business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $233.00 million. On average, research analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 dividend on an annualized basis 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 topic of a number of research analyst reports. Zacks Research downgraded shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus 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.