Texas Pacific Land Corporation $TPL Shares Bought by Essex Financial Services Inc.

Essex Financial Services Inc. boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 199.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 45,515 shares of the financial services provider’s stock after buying an additional 30,323 shares during the quarter. Texas Pacific Land makes up 0.7% of Essex Financial Services Inc.’s holdings, making the stock its 25th biggest position. Essex Financial Services Inc. owned about 0.07% of Texas Pacific Land worth $13,073,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in Texas Pacific Land during the third quarter valued at $29,000. Silicon Valley Capital Partners acquired a new stake in shares of Texas Pacific Land in the third quarter valued at about $33,000. Triumph Capital Management acquired a new stake in shares of Texas Pacific Land in the third quarter valued at about $36,000. IMA Advisory Services Inc. grew its position in shares of Texas Pacific Land by 77.8% in the third quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 21 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in shares of Texas Pacific Land in the third quarter valued at about $46,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Trading Down 2.2%

NYSE:TPL opened at $392.54 on Friday. The company’s 50-day moving average price is $434.42 and its 200-day moving average price is $389.99. The company has a market cap of $27.07 billion, a P/E ratio of 53.77 and a beta of 0.66. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.88%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. KeyCorp lifted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Texas Pacific Land presently has an average rating of “Moderate Buy” and an average price target of $639.00.

About Texas Pacific Land

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.