JPMorgan Chase & Co. Has $55.34 Million Stake in Texas Pacific Land Corporation $TPL

JPMorgan Chase & Co. lowered its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 7.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,382 shares of the financial services provider’s stock after selling 4,226 shares during the quarter. JPMorgan Chase & Co. owned about 0.23% of Texas Pacific Land worth $55,336,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Texas Pacific Land by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider’s stock valued at $3,267,588,000 after purchasing an additional 115,743 shares in the last quarter. TD Asset Management Inc lifted its stake in Texas Pacific Land by 1,104.4% in the second quarter. TD Asset Management Inc now owns 96,123 shares of the financial services provider’s stock valued at $101,543,000 after buying an additional 88,142 shares during the period. Nuveen LLC bought a new position in shares of Texas Pacific Land during the 1st quarter worth approximately $68,518,000. CW Advisors LLC acquired a new stake in shares of Texas Pacific Land during the 1st quarter worth approximately $31,919,000. Finally, Geode Capital Management LLC increased its stake in shares of Texas Pacific Land by 3.9% in the 2nd quarter. Geode Capital Management LLC now owns 605,760 shares of the financial services provider’s stock valued at $648,866,000 after acquiring an additional 22,796 shares in the last quarter. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Trading Up 0.2%

TPL opened at $864.29 on Monday. Texas Pacific Land Corporation has a 1-year low of $838.27 and a 1-year high of $1,692.51. The company has a market cap of $19.86 billion, a price-to-earnings ratio of 43.09 and a beta of 1.12. The company’s fifty day moving average price is $932.24 and its two-hundred day moving average price is $993.21.

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

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, December 1st. Texas Pacific Land’s payout ratio is currently 30.92%.

Analyst Ratings Changes

Several research analysts recently issued reports on TPL shares. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday, November 24th. Tudor Pickering upgraded Texas Pacific Land to a “strong sell” rating in a research note on Tuesday, October 21st. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

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.