World Equity Group Inc. Cuts Holdings in Texas Pacific Land Corporation $TPL

World Equity Group Inc. trimmed its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 19.3% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 6,845 shares of the financial services provider’s stock after selling 1,636 shares during the quarter. Texas Pacific Land accounts for approximately 0.8% of World Equity Group Inc.’s holdings, making the stock its 24th biggest holding. World Equity Group Inc.’s holdings in Texas Pacific Land were worth $3,248,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Quarry LP bought a new stake in Texas Pacific Land during the 3rd quarter valued at $29,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land in the 3rd quarter worth $33,000. Triumph Capital Management bought a new position in shares of Texas Pacific Land in the 3rd quarter worth $36,000. MUFG Securities EMEA plc purchased a new stake in shares of Texas Pacific Land during the 2nd quarter worth $59,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 12 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the sale, the chief financial officer directly owned 12,870 shares in the company, 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 can be accessed through 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 Trading Down 0.0%

NYSE TPL opened at $415.88 on Friday. The firm’s fifty day simple moving average is $392.52 and its two-hundred day simple moving average is $412.05. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The firm has a market capitalization of $28.68 billion, a P/E ratio of 56.97 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $236.80 million during 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 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors 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 dividend payout ratio is currently 32.88%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TPL. Zacks Research lowered 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 issued a Sell rating to the company. Based on data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Reduce” and a consensus price target of $639.00.

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.