First Dallas Securities Inc. Reduces Stock Holdings in Texas Pacific Land Corporation $TPL

First Dallas Securities Inc. lessened its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 4.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 57,135 shares of the financial services provider’s stock after selling 2,420 shares during the period. Texas Pacific Land makes up approximately 8.3% of First Dallas Securities Inc.’s portfolio, making the stock its 2nd biggest holding. First Dallas Securities Inc.’s holdings in Texas Pacific Land were worth $25,004,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. HUB Investment Partners LLC boosted its position in Texas Pacific Land by 53.4% in the second quarter. HUB Investment Partners LLC now owns 1,424 shares of the financial services provider’s stock worth $623,000 after purchasing an additional 496 shares during the last quarter. MGO One Seven LLC increased its position in shares of Texas Pacific Land by 2.5% during the 2nd quarter. MGO One Seven LLC now owns 45,666 shares of the financial services provider’s stock valued at $19,985,000 after purchasing an additional 1,121 shares during the last quarter. Jacobi Capital Management LLC increased its position in shares of Texas Pacific Land by 13.7% during the 2nd quarter. Jacobi Capital Management LLC now owns 1,706 shares of the financial services provider’s stock valued at $747,000 after purchasing an additional 206 shares during the last quarter. Aberdeen Group plc raised its stake in shares of Texas Pacific Land by 19.4% during the 2nd quarter. Aberdeen Group plc now owns 57,273 shares of the financial services provider’s stock worth $25,065,000 after purchasing an additional 9,323 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in shares of Texas Pacific Land by 5.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 10,531 shares of the financial services provider’s stock worth $4,609,000 after purchasing an additional 570 shares during the period. 59.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Texas Pacific Land Price Performance

Shares of TPL opened at $359.22 on Friday. The firm has a market cap of $24.78 billion, a PE ratio of 45.78 and a beta of 0.60. The stock’s fifty day moving average price is $389.05 and its two-hundred day moving average price is $422.15. 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 posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The company had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. Sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders 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 yield of 0.7%. Texas Pacific Land’s dividend payout ratio is 30.57%.

Insiders Place Their Bets

In other news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the transaction, the chief financial officer owned 12,870 shares in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land Company 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.