Empowered Funds LLC Buys 1,701 Shares of Texas Pacific Land Corporation $TPL

Empowered Funds LLC increased its stake in Texas Pacific Land Corporation (NYSE:TPL) by 16.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,909 shares of the financial services provider’s stock after purchasing an additional 1,701 shares during the quarter. Empowered Funds LLC’s holdings in Texas Pacific Land were worth $12,581,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TPL. Hemington Wealth Management raised its position in shares of Texas Pacific Land by 66.7% in the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 8 shares during the period. Zions Bancorporation National Association UT bought a new position in Texas Pacific Land in the 1st quarter worth $28,000. IMA Advisory Services Inc. acquired a new position in Texas Pacific Land during the 1st quarter worth $36,000. GW&K Investment Management LLC lifted its position in Texas Pacific Land by 237.5% during the 1st quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 19 shares during the last quarter. Finally, Assetmark Inc. boosted its holdings in Texas Pacific Land by 50.0% during the first quarter. Assetmark Inc. now owns 39 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 13 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TPL. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday. Tudor Pickering raised Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Insider Buying and Selling

In other news, Director Eric L. Oliver bought 100 shares of Texas Pacific Land stock in a transaction that occurred on Thursday, August 21st. The stock was purchased at an average cost of $881.27 per share, with a total value of $88,127.00. Following the completion of 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.90% of the stock is currently owned by company insiders.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $918.10 on Wednesday. The firm’s 50-day moving average is $939.32 and its 200-day moving average is $1,019.21. The company has a market cap of $21.10 billion, a price-to-earnings ratio of 45.77 and a beta of 1.12. Texas Pacific Land Corporation has a 52-week low of $845.56 and a 52-week high of $1,769.14.

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

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, December 1st. Texas Pacific Land’s dividend payout ratio is presently 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.