First Trust Advisors LP Purchases 29,252 Shares of Texas Pacific Land Corporation $TPL

First Trust Advisors LP raised its position in Texas Pacific Land Corporation (NYSE:TPL) by 23.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 155,810 shares of the financial services provider’s stock after buying an additional 29,252 shares during the period. First Trust Advisors LP owned 0.23% of Texas Pacific Land worth $73,941,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Quarry LP bought a new stake in Texas Pacific Land during the 3rd quarter worth approximately $29,000. Silicon Valley Capital Partners bought a new position in Texas Pacific Land in the 3rd quarter valued at $33,000. Triumph Capital Management bought a new position in Texas Pacific Land in the 3rd quarter valued at $36,000. MUFG Securities EMEA plc acquired a new position in Texas Pacific Land in the second quarter worth $59,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Texas Pacific Land by 21.4% in 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 in the last quarter. 59.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on TPL shares. Zacks Research lowered Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note 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 report on Friday, May 1st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $639.00.

Texas Pacific Land Price Performance

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

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. On average, sell-side analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

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

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

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.