APG Asset Management N.V. Reduces Stock Holdings in Texas Pacific Land Corporation $TPL

APG Asset Management N.V. lowered its stake in Texas Pacific Land Corporation (NYSE:TPL) by 34.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,071 shares of the financial services provider’s stock after selling 5,224 shares during the period. APG Asset Management N.V.’s holdings in Texas Pacific Land were worth $9,403,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. CX Institutional bought a new stake in shares of Texas Pacific Land during the 3rd quarter valued at about $30,000. Versant Capital Management Inc lifted its holdings in Texas Pacific Land by 75.0% in the third quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider’s stock worth $39,000 after buying an additional 18 shares during the period. IMA Advisory Services Inc. lifted its holdings in Texas Pacific Land by 77.8% in the third quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider’s stock worth $45,000 after buying an additional 21 shares during the period. Rothschild Investment LLC bought a new stake in Texas Pacific Land during the 3rd quarter valued at approximately $46,000. Finally, Assetmark Inc. grew its holdings in shares of Texas Pacific Land by 33.3% during the 2nd quarter. Assetmark Inc. now owns 52 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 13 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Donna E. Epps purchased 895 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the purchase, the director directly owned 2,921 shares in the company, valued at approximately $1,491,024.45. This represents a 44.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the sale, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at $1,072,899. The trade was a 42.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 6.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TPL shares. KeyCorp raised their target price 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 29th. Finally, Zacks Research raised Texas Pacific Land to a “hold” rating in a research report on Wednesday, December 3rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $523.50 on Wednesday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The business’s fifty day moving average is $371.75 and its 200 day moving average is $329.20. The stock has a market capitalization of $36.09 billion, a PE ratio of 75.04 and a beta of 0.83.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The business had revenue of $211.60 million for the quarter, compared to analysts’ expectations of $204.00 million.

Texas Pacific Land Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a $0.60 dividend. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.5%. The ex-dividend date is Monday, March 2nd. Texas Pacific Land’s dividend payout ratio is 34.38%.

Texas Pacific Land 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.