Tobam Decreases Stock Holdings in Texas Pacific Land Corporation $TPL

Tobam lowered its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 95.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29 shares of the financial services provider’s stock after selling 616 shares during the period. Tobam’s holdings in Texas Pacific Land were worth $31,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Hemington Wealth Management boosted its position in Texas Pacific Land by 66.7% during the 1st quarter. Hemington Wealth Management now owns 20 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 8 shares during the period. Zions Bancorporation National Association UT purchased a new position in Texas Pacific Land in the first quarter valued at about $28,000. Allworth Financial LP lifted its stake in shares of Texas Pacific Land by 42.1% during the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 8 shares in the last quarter. GW&K Investment Management LLC boosted its position in shares of Texas Pacific Land by 237.5% in the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider’s stock worth $36,000 after buying an additional 19 shares during the period. Finally, IMA Advisory Services Inc. purchased a new stake in shares of Texas Pacific Land in the first quarter worth about $36,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insider Transactions at Texas Pacific Land

In other news, Director Eric L. Oliver acquired 100 shares of the business’s stock in a transaction that occurred on Thursday, August 21st. The shares were purchased at an average cost of $881.27 per share, for a total transaction of $88,127.00. Following the transaction, the director directly owned 393,600 shares in the company, valued at $346,867,872. This trade represents a 0.03% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.90% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on TPL shares. Tudor Pickering upgraded Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Tuesday. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Texas Pacific Land Stock Performance

Shares of NYSE TPL opened at $1,006.99 on Thursday. Texas Pacific Land Corporation has a 1 year low of $845.56 and a 1 year high of $1,769.14. The firm has a market cap of $23.14 billion, a price-to-earnings ratio of 50.20 and a beta of 1.12. The stock’s 50-day simple moving average is $934.11 and its 200-day simple moving average is $1,031.23.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $5.27 EPS for the quarter, missing analysts’ consensus estimates of $5.77 by ($0.50). Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%. The business had revenue of $203.10 million during the quarter, compared to analysts’ expectations of $175.00 million.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a $1.60 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $6.40 annualized dividend and a yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.92%.

Texas Pacific Land Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.