Claris Financial LLC Buys Shares of 1,743 Texas Pacific Land Corporation $TPL

Claris Financial LLC bought a new stake in Texas Pacific Land Corporation (NYSE:TPL) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,743 shares of the financial services provider’s stock, valued at approximately $501,000.

A number of other institutional investors have also recently made changes to their positions in the company. Bar Harbor Wealth Management raised its stake in shares of Texas Pacific Land by 195.1% in the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock valued at $10,591,000 after acquiring an additional 24,379 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in shares of Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock worth $5,231,000 after acquiring an additional 12,390 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Texas Pacific Land by 200.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock worth $2,714,000 after purchasing an additional 6,307 shares during the period. Schwartz Investment Counsel Inc. boosted its position in shares of Texas Pacific Land by 209.7% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after purchasing an additional 321,683 shares during the period. Finally, New York State Teachers Retirement System increased its holdings in Texas Pacific Land by 184.1% in the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock valued at $11,156,000 after purchasing an additional 25,170 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

NYSE TPL opened at $355.05 on Friday. The firm has a market cap of $24.49 billion, a price-to-earnings ratio of 48.64 and a beta of 0.61. The firm has a 50 day simple moving average of $403.01 and a 200-day simple moving average of $397.26. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its 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%. Equities analysts predict 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 was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.60 dividend. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land’s payout ratio is 32.88%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TPL. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Zacks Research lowered Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Finally, KeyCorp lifted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $639.00.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the sale, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by company insiders.

Texas Pacific Land Company 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.