Principal Financial Group Inc. Raises Position in Texas Pacific Land Corporation $TPL

Principal Financial Group Inc. boosted its stake in Texas Pacific Land Corporation (NYSE:TPL) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,343 shares of the financial services provider’s stock after acquiring an additional 2,013 shares during the quarter. Principal Financial Group Inc. owned about 0.10% of Texas Pacific Land worth $33,857,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Quarry LP acquired a new stake in Texas Pacific Land during the 3rd quarter valued at $29,000. Silicon Valley Capital Partners acquired a new position in Texas Pacific Land in the 3rd quarter worth $33,000. Triumph Capital Management purchased a new position in Texas Pacific Land in the 3rd quarter valued at about $36,000. MUFG Securities EMEA plc acquired a new stake in shares of Texas Pacific Land during the second quarter valued at about $59,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 12 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the sale, the chief financial officer directly owned 12,040 shares in the company, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Price Performance

Shares of TPL stock opened at $415.88 on Friday. The firm has a fifty day moving average of $392.52 and a two-hundred day moving average of $412.05. The firm has a market cap of $28.68 billion, a P/E ratio of 56.97 and a beta of 0.58. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, sell-side analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a $0.60 dividend. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

TPL has been the topic of several recent analyst reports. Zacks Research cut Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 30th. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note 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. According to data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Reduce” 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.