California Public Employees Retirement System Has $48.22 Million Stake in Texas Pacific Land Corporation $TPL

California Public Employees Retirement System increased its position in Texas Pacific Land Corporation (NYSE:TPL) by 1.7% in the 1st quarter, Holdings Channel reports. The firm owned 101,608 shares of the financial services provider’s stock after buying an additional 1,717 shares during the quarter. California Public Employees Retirement System’s holdings in Texas Pacific Land were worth $48,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its holdings in Texas Pacific Land by 363.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock valued at $25,000 after buying an additional 69 shares during the period. Summit Securities Group LLC lifted its holdings in shares of Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 55 shares during the period. IFP Advisors Inc lifted its holdings in shares of Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 63 shares during the period. Quarry LP acquired a new stake in shares of Texas Pacific Land during the 3rd quarter valued at about $29,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Texas Pacific Land during the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TPL. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Zacks Research downgraded Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $639.00.

Texas Pacific Land Stock Down 2.4%

TPL stock opened at $405.89 on Tuesday. The company has a market cap of $27.99 billion, a P/E ratio of 55.60 and a beta of 0.58. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The business has a fifty day moving average of $392.57 and a 200-day moving average of $413.68.

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 analysts’ consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million during 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%. As a group, equities research analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, June 1st. Texas Pacific Land’s payout ratio is presently 32.88%.

Insider Activity

In other news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at $5,151,217.50. This represents a 19.76% decrease in their position. The sale 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. Insiders own 6.90% of the company’s stock.

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.