Kestra Private Wealth Services LLC Buys 1,483 Shares of Texas Pacific Land Corporation $TPL

Kestra Private Wealth Services LLC grew its stake in Texas Pacific Land Corporation (NYSE:TPL) by 67.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,685 shares of the financial services provider’s stock after buying an additional 1,483 shares during the period. Kestra Private Wealth Services LLC’s holdings in Texas Pacific Land were worth $1,613,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Latitude Advisors LLC purchased a new stake in shares of Texas Pacific Land during the 2nd quarter valued at $586,000. Petros Family Wealth LLC grew its position in Texas Pacific Land by 18.1% in the second quarter. Petros Family Wealth LLC now owns 739 shares of the financial services provider’s stock worth $323,000 after acquiring an additional 113 shares in the last quarter. Krilogy Financial LLC grew its position in Texas Pacific Land by 232.8% in the second quarter. Krilogy Financial LLC now owns 6,882 shares of the financial services provider’s stock worth $3,012,000 after acquiring an additional 4,814 shares in the last quarter. Ascentis Wealth Management LLC bought a new position in Texas Pacific Land in the second quarter valued at $106,297,000. Finally, Watchman Group Inc. increased its stake in Texas Pacific Land by 1.5% in the second quarter. Watchman Group Inc. now owns 9,634 shares of the financial services provider’s stock valued at $4,216,000 after acquiring an additional 140 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

Analyst Upgrades and Downgrades

TPL has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. One research 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Price Performance

TPL opened at $348.13 on Friday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock’s 50 day simple moving average is $389.66 and its 200 day simple moving average is $422.59. The firm has a market cap of $24.01 billion, a price-to-earnings ratio of 44.37 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.05. The business had revenue of $246.10 million during the quarter, compared to analysts’ expectations of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. As a group, sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.60 dividend. 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 0.7%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 30.57%.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction dated 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 owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

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.