Trust Co. of Vermont Purchases New Position in Texas Pacific Land Corporation $TPL

Trust Co. of Vermont purchased a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 4,367 shares of the financial services provider’s stock, valued at approximately $1,911,000.

Several other institutional investors have also added to or reduced their stakes in TPL. Quarry LP purchased a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at approximately $33,000. Triumph Capital Management purchased a new position in shares of Texas Pacific Land in the third quarter valued at $36,000. MUFG Securities EMEA plc purchased a new position in shares of Texas Pacific Land in the second quarter valued at $59,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Insider Activity

In other news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was 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 approximately $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

Texas Pacific Land Trading Up 0.7%

Texas Pacific Land stock opened at $361.09 on Tuesday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The firm has a 50-day moving average price of $388.33 and a 200-day moving average price of $422.82. The firm has a market capitalization of $24.90 billion, a PE ratio of 46.02 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The company had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. As a group, sell-side analysts predict 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 announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s payout ratio is 30.57%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TPL. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. 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. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $639.00.

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.