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

California Public Employees Retirement System increased its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 1.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,608 shares of the financial services provider’s stock after purchasing an additional 1,717 shares during the period. California Public Employees Retirement System owned approximately 0.15% of Texas Pacific Land worth $48,219,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TPL. Quarry LP bought a new stake in shares of Texas Pacific Land during the 3rd quarter worth about $29,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land in the 3rd quarter valued at approximately $33,000. Triumph Capital Management acquired a new stake in Texas Pacific Land in the 3rd quarter worth approximately $36,000. MUFG Securities EMEA plc acquired a new stake in Texas Pacific Land in the 2nd quarter worth approximately $59,000. Finally, EverSource Wealth Advisors LLC boosted its position in Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 12 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Trading Down 2.4%

Shares of Texas Pacific Land stock opened at $405.89 on Tuesday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The company’s fifty day simple moving average is $392.57 and its 200-day simple moving average is $413.68. The company has a market cap of $27.99 billion, a price-to-earnings ratio of 55.60 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $233.00 million. As a group, research analysts forecast 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 disclosed 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. 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 dividend payout ratio is currently 32.88%.

Analyst Upgrades and Downgrades

Several brokerages have commented on TPL. 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 research note on Friday, May 1st. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $639.00.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction dated Friday, June 5th. The shares were 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate 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.