Texas Pacific Land (NYSE:TPL) CFO Sells $1,268,792.50 in Stock

Texas Pacific Land Corporation (NYSE:TPL) CFO Chris Steddum sold 3,170 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer owned 12,870 shares in the company, valued at $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chris Steddum also recently made the following trade(s):

• On Monday, June 8th, Chris Steddum sold 830 shares of Texas Pacific Land stock. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90.

Texas Pacific Land Price Performance

TPL stock opened at $369.53 on Friday. The stock has a market capitalization of $25.49 billion, a price-to-earnings ratio of 50.62 and a beta of 0.61. The company has a 50-day moving average of $411.32 and a two-hundred day moving average of $394.70. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The business had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Equities analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal 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 issued a dividend of $0.60 per share. The ex-dividend date is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is 32.88%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. KeyCorp boosted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. 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. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, Zacks Research lowered shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. 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 MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $639.00.

Institutional Trading of Texas Pacific Land

Institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new position in Texas Pacific Land in the third quarter worth about $29,000. Silicon Valley Capital Partners acquired a new stake in Texas Pacific Land during the third quarter valued at approximately $33,000. Triumph Capital Management bought a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $36,000. IMA Advisory Services Inc. raised its holdings in shares of Texas Pacific Land by 77.8% in the 3rd quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider’s stock worth $45,000 after buying an additional 21 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new position in shares of Texas Pacific Land in the 3rd quarter worth approximately $46,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

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.