Mitsubishi UFJ Asset Management Co. Ltd. Acquires 9,680 Shares of Texas Pacific Land Corporation $TPL

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 7.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,771 shares of the financial services provider’s stock after purchasing an additional 9,680 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Texas Pacific Land were worth $61,607,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock worth $2,570,000 after buying an additional 545 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock worth $1,211,000 after buying an additional 389 shares during the period. Woodline Partners LP grew its stake in Texas Pacific Land by 40.8% in the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock valued at $2,109,000 after buying an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after buying an additional 12 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in Texas Pacific Land by 2,177.5% in the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock valued at $4,812,000 after acquiring an additional 4,355 shares during the period. 59.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Texas Pacific Land Stock Performance

NYSE:TPL opened at $373.12 on Thursday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The firm has a market cap of $25.73 billion, a price-to-earnings ratio of 47.55 and a beta of 0.60. The firm’s 50-day simple moving average is $387.94 and its 200 day simple moving average is $423.04.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data 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. The business had revenue of $246.10 million during the quarter, compared to analysts’ expectations of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. Sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s payout ratio is presently 30.57%.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the sale, the chief financial officer directly owned 12,040 shares in the company, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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.