Hodges Capital Management Inc. Has $44.25 Million Holdings in Texas Pacific Land Corporation $TPL

Hodges Capital Management Inc. reduced its stake in Texas Pacific Land Corporation (NYSE:TPL) by 4.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 101,121 shares of the financial services provider’s stock after selling 4,194 shares during the quarter. Texas Pacific Land comprises 2.9% of Hodges Capital Management Inc.’s holdings, making the stock its 3rd largest holding. Hodges Capital Management Inc.’s holdings in Texas Pacific Land were worth $44,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in TPL. Summit Securities Group LLC increased its position 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 purchasing an additional 55 shares during the period. IFP Advisors Inc raised 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 worth $28,000 after purchasing an additional 63 shares during the last quarter. Quarry LP acquired a new position in shares of Texas Pacific Land in the 3rd quarter worth approximately $29,000. Los Angeles Capital Management LLC acquired a new position in shares of Texas Pacific Land in the 4th quarter worth approximately $31,000. Finally, Silicon Valley Capital Partners bought a new stake in shares of Texas Pacific Land in the 3rd quarter valued at $33,000. 59.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Texas Pacific Land

In related news, 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 transaction, the chief financial officer owned 12,040 shares in the company, valued at $4,819,973.20. The trade was a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $359.22 on Friday. The stock’s 50-day moving average is $389.05 and its 200 day moving average is $422.15. 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 $24.78 billion, a price-to-earnings ratio of 45.78 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. On average, sell-side analysts expect 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 will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land’s payout ratio is currently 30.57%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.