Man Group plc Takes Position in Texas Pacific Land Corporation $TPL

Man Group plc acquired a new position in Texas Pacific Land Corporation (NYSE:TPL) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,276 shares of the financial services provider’s stock, valued at approximately $4,497,000.

A number of other hedge funds have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its position in Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 12 shares during the period. Sei Investments Co. boosted its stake in shares of Texas Pacific Land by 1.1% in the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock valued at $1,782,000 after buying an additional 20 shares during the period. Larson Financial Group LLC raised its holdings in shares of Texas Pacific Land by 5.4% in the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 21 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Texas Pacific Land by 1.3% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider’s stock valued at $1,789,000 after buying an additional 24 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in Texas Pacific Land by 0.5% during the third quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider’s stock worth $4,374,000 after purchasing an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Price Performance

Shares of TPL stock opened at $364.29 on Monday. The business’s fifty day moving average price is $389.35 and its 200 day moving average price is $424.08. The firm has a market capitalization of $25.13 billion, a PE ratio of 46.43 and a beta of 0.60. 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 released its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating analysts’ consensus estimates of $2.18 by $0.05. The company had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. Equities research analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio (DPR) is 30.57%.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 830 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. The trade was 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 at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.

About Texas Pacific Land

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.