Texas Pacific Land Corporation $TPL Shares Sold by Evelyn Partners Investment Management LLP

Evelyn Partners Investment Management LLP cut its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 33.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,475 shares of the financial services provider’s stock after selling 1,730 shares during the period. Evelyn Partners Investment Management LLP’s holdings in Texas Pacific Land were worth $1,649,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TPL. Summit Securities Group LLC grew its position in shares of Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 55 shares during the period. IFP Advisors Inc lifted its position in shares of 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 buying an additional 63 shares in the last quarter. Quarry LP acquired a new stake in Texas Pacific Land in the 3rd quarter valued at $29,000. Eagle Bay Advisors LLC acquired a new stake in Texas Pacific Land in the 4th quarter valued at $31,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Texas Pacific Land in the 4th quarter worth $31,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Activity

In other news, CFO Chris Steddum sold 830 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the sale, the chief financial officer owned 12,040 shares of the company’s stock, valued at $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TPL has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Zacks Research cut shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $639.00.

Texas Pacific Land Price Performance

NYSE TPL opened at $396.19 on Tuesday. The stock’s 50 day simple moving average is $395.44 and its 200-day simple moving average is $418.11. The company has a market cap of $27.33 billion, a PE ratio of 54.27 and a beta of 0.58. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping 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 analysts’ expectations of $233.00 million. On average, equities research analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid 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 32.88%.

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.