Texas Pacific Land Corporation $TPL Stock Holdings Reduced by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. lowered its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 13.5% in the 1st quarter, HoldingsChannel reports. The firm owned 410,926 shares of the financial services provider’s stock after selling 64,178 shares during the quarter. Texas Pacific Land comprises approximately 6.9% of Schwartz Investment Counsel Inc.’s holdings, making the stock its largest holding. Schwartz Investment Counsel Inc.’s holdings in Texas Pacific Land were worth $195,009,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC lifted its holdings in Texas Pacific Land by 171.9% during the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after buying an additional 55 shares during the period. IFP Advisors Inc boosted its position 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 acquiring an additional 63 shares in the last quarter. Quarry LP bought a new stake in Texas Pacific Land during the 3rd quarter valued at $29,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of Texas Pacific Land in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $409.40 on Tuesday. The stock has a 50-day moving average of $392.20 and a two-hundred day moving average of $409.43. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The stock has a market cap of $28.24 billion, a PE ratio of 56.08 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $233.00 million. As a group, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land’s payout ratio is currently 32.88%.

Wall Street Analysts Forecast Growth

TPL has been the topic of several analyst reports. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Zacks Research lowered shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $639.00.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.