First Trust Advisors LP Has $73.94 Million Stake in Texas Pacific Land Corporation $TPL

First Trust Advisors LP boosted its position in Texas Pacific Land Corporation (NYSE:TPL) by 23.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 155,810 shares of the financial services provider’s stock after buying an additional 29,252 shares during the quarter. First Trust Advisors LP’s holdings in Texas Pacific Land were worth $73,941,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bar Harbor Wealth Management boosted its position in Texas Pacific Land by 195.1% during the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock valued at $10,591,000 after purchasing an additional 24,379 shares during the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Texas Pacific Land by 212.9% during the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock worth $5,231,000 after purchasing an additional 12,390 shares during the last quarter. Daiwa Securities Group Inc. increased 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 last quarter. New York State Teachers Retirement System raised its stake in shares of Texas Pacific Land by 184.1% during the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after purchasing an additional 25,170 shares in the last quarter. Finally, Schwartz Investment Counsel Inc. raised its stake 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 in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 830 shares of the stock in a transaction 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 sale, the chief financial officer owned 12,040 shares in the company, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their position. The transaction 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. Company insiders own 6.90% of the company’s stock.

Analyst Ratings Changes

TPL has been the subject of several recent analyst reports. Zacks Research downgraded Texas Pacific Land from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. 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. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Texas Pacific Land has an average rating of “Reduce” and a consensus price target of $639.00.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $419.46 on Friday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The stock has a market capitalization of $28.93 billion, a P/E ratio of 57.46 and a beta of 0.58. The stock has a 50-day simple moving average of $395.25 and a 200 day simple moving average of $416.54.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was 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 presently 32.88%.

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.