Resona Asset Management Co. Ltd. Purchases 489 Shares of Texas Pacific Land Corporation $TPL

Resona Asset Management Co. Ltd. grew its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 8.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,560 shares of the financial services provider’s stock after purchasing an additional 489 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Texas Pacific Land were worth $6,929,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TPL. Machina Capital S.A.S. boosted its position in Texas Pacific Land by 239.7% during the 2nd quarter. Machina Capital S.A.S. now owns 693 shares of the financial services provider’s stock worth $732,000 after buying an additional 489 shares during the period. State of Michigan Retirement System raised its stake in shares of Texas Pacific Land by 4.9% during the second quarter. State of Michigan Retirement System now owns 6,400 shares of the financial services provider’s stock valued at $6,761,000 after acquiring an additional 300 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Texas Pacific Land by 1,766.7% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 560 shares of the financial services provider’s stock worth $592,000 after purchasing an additional 530 shares during the period. Strs Ohio grew its stake in shares of Texas Pacific Land by 103.7% in the second quarter. Strs Ohio now owns 1,306 shares of the financial services provider’s stock worth $1,380,000 after purchasing an additional 665 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in Texas Pacific Land by 6.9% in the second quarter. Amalgamated Bank now owns 4,257 shares of the financial services provider’s stock valued at $4,497,000 after purchasing an additional 273 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Trading Down 3.0%

Shares of TPL opened at $980.89 on Friday. The firm’s fifty day simple moving average is $930.09 and its two-hundred day simple moving average is $1,038.35. Texas Pacific Land Corporation has a 12 month low of $845.56 and a 12 month high of $1,769.14. The stock has a market capitalization of $22.54 billion, a P/E ratio of 48.90 and a beta of 1.12.

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

Texas Pacific Land Dividend Announcement

The firm also recently declared 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 dividend yield of 0.7%. The ex-dividend date is Monday, December 1st. Texas Pacific Land’s dividend payout ratio is presently 30.92%.

Analyst Upgrades and Downgrades

Several brokerages have commented on TPL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a report on Tuesday, October 14th. Tudor Pickering raised Texas Pacific Land to a “strong sell” rating in a research note on Tuesday, October 21st. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

Insider Activity at Texas Pacific Land

In related news, Director Eric L. Oliver acquired 100 shares of the stock in a transaction dated Thursday, August 21st. The stock was bought at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the purchase, the director directly owned 393,600 shares of the company’s stock, valued at $346,867,872. The trade was a 0.03% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.90% of the stock is currently owned by company insiders.

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.