California State Teachers Retirement System Trims Stake in Texas Pacific Land Corporation $TPL

California State Teachers Retirement System lessened its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 237,252 shares of the financial services provider’s stock after selling 2,547 shares during the period. California State Teachers Retirement System’s holdings in Texas Pacific Land were worth $112,590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of TPL. Horizon Kinetics Asset Management LLC raised its holdings in Texas Pacific Land by 194.9% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock valued at $2,968,063,000 after buying an additional 6,829,070 shares during the period. Vanguard Group Inc. boosted its stake in Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after buying an additional 4,975,738 shares during the period. State Street Corp boosted its stake in Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after buying an additional 2,417,705 shares during the period. Geode Capital Management LLC increased its position in shares of Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after acquiring an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC increased its position in shares of Texas Pacific Land by 200.0% during the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock valued at $339,149,000 after acquiring an additional 787,200 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on TPL shares. Zacks Research downgraded shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 30th. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $639.00.

Texas Pacific Land Trading Up 0.2%

TPL stock opened at $390.32 on Thursday. The business’s fifty day moving average price is $395.11 and its 200 day moving average price is $419.49. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The company has a market capitalization of $26.92 billion, a PE ratio of 53.47 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Research analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 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 that occurred on 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 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 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.

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.