Van ECK Associates Corp Has $9.50 Million Stock Position in Texas Pacific Land Corporation $TPL

Van ECK Associates Corp increased its stake in Texas Pacific Land Corporation (NYSE:TPL) by 47.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,714 shares of the financial services provider’s stock after purchasing an additional 7,002 shares during the period. Van ECK Associates Corp’s holdings in Texas Pacific Land were worth $9,503,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in Texas Pacific Land by 21.4% during the second 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 period. Sei Investments Co. increased its holdings in 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 increased its holdings in 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 buying an additional 21 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Texas Pacific Land by 1.3% in the 3rd 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, SwitchPoint Financial Planning LLC raised its position in shares of Texas Pacific Land by 2.2% in the 1st quarter. SwitchPoint Financial Planning LLC now owns 1,158 shares of the financial services provider’s stock valued at $550,000 after buying an additional 25 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analysts Set New Price Targets

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

Texas Pacific Land Stock Down 1.4%

NYSE:TPL opened at $369.12 on Wednesday. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The stock’s 50-day simple moving average is $389.62 and its 200 day simple moving average is $423.57. The firm has a market capitalization of $25.46 billion, a PE ratio of 47.04 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping the consensus estimate of $2.18 by $0.05. The firm 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%. On average, analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

Insider Transactions at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This represents a 19.76% decrease in their position. The transaction was disclosed in a document filed 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 currently owned by corporate insiders.

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.