Texas Pacific Land Corporation $TPL Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System trimmed its position in Texas Pacific Land Corporation (NYSE:TPL) by 19.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,800 shares of the financial services provider’s stock after selling 3,800 shares during the period. State of Michigan Retirement System’s holdings in Texas Pacific Land were worth $6,915,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TPL. O Domhnaill Enterprises Inc. grew its holdings in shares of Texas Pacific Land by 2,037.3% during the second quarter. O Domhnaill Enterprises Inc. now owns 3,612 shares of the financial services provider’s stock worth $1,581,000 after buying an additional 3,443 shares in the last quarter. Spectrum Investment Advisors Inc. acquired a new position in shares of Texas Pacific Land in the second quarter valued at approximately $347,000. Pictet Asset Management Holding SA lifted its stake in shares of Texas Pacific Land by 4.6% during the second quarter. Pictet Asset Management Holding SA now owns 24,355 shares of the financial services provider’s stock valued at $10,659,000 after buying an additional 1,064 shares during the period. Ascentis Wealth Management LLC purchased a new position in shares of Texas Pacific Land during the second quarter valued at approximately $249,000. Finally, Chicago Partners Investment Group LLC boosted its position in Texas Pacific Land by 41.3% during the second quarter. Chicago Partners Investment Group LLC now owns 1,900 shares of the financial services provider’s stock worth $809,000 after acquiring an additional 555 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Texas Pacific Land Price Performance

TPL opened at $359.22 on Friday. The stock has a market capitalization of $24.78 billion, a price-to-earnings ratio of 45.78 and a beta of 0.60. The business has a 50-day moving average of $389.05 and a two-hundred day moving average of $422.15. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data 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 net margin of 60.32% and a return on equity of 35.76%. Equities research analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

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 given 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%.

Insider Buying and Selling

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the 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 transaction, the chief financial officer owned 12,870 shares of the company’s stock, 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 SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

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.