Essex Financial Services Inc. Acquires 2,313 Shares of Texas Pacific Land Corporation $TPL

Essex Financial Services Inc. increased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 5.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 47,828 shares of the financial services provider’s stock after acquiring an additional 2,313 shares during the quarter. Texas Pacific Land makes up about 1.3% of Essex Financial Services Inc.’s holdings, making the stock its 14th largest position. Essex Financial Services Inc. owned about 0.07% of Texas Pacific Land worth $22,697,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Horizon Kinetics Asset Management LLC grew its position in shares of Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock valued at $2,968,063,000 after acquiring an additional 6,829,070 shares during the period. Vanguard Group Inc. increased its holdings in Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after acquiring an additional 4,975,738 shares during the last quarter. State Street Corp lifted its holdings in Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock valued at $1,030,259,000 after purchasing an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Texas Pacific Land by 203.7% in the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after purchasing an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC lifted its stake in shares of Texas Pacific Land by 200.0% during the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock valued at $339,149,000 after buying an additional 787,200 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the sale, the chief financial officer owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by insiders.

Texas Pacific Land Price Performance

Shares of TPL opened at $415.58 on Thursday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock has a 50 day simple moving average of $398.13 and a two-hundred day simple moving average of $403.19. The firm has a market cap of $28.66 billion, a P/E ratio of 56.93 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data 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. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. On average, equities analysts anticipate 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 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 of this dividend was Monday, June 1st. This represents a $2.40 annualized dividend and a yield of 0.6%. Texas Pacific Land’s payout ratio is currently 32.88%.

Analyst Ratings Changes

TPL has been the subject of several recent research reports. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Finally, Zacks Research lowered Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $639.00.

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.