Hunter Associates Investment Management LLC has decreased its ownership in Texas Pacific Land Corporation (NYSE: TPL) by 21.0%, as detailed in the company’s latest Form 13F filing with the Securities and Exchange Commission. After selling 1,106 shares during the second quarter, the fund now holds 4,171 shares, valued at approximately $4,406,000.
Several other institutional investors have also adjusted their positions in Texas Pacific Land. Notably, Hemington Wealth Management increased its stake by 66.7% in the first quarter, acquiring 20 shares worth $26,000. Similarly, Zions Bancorporation National Association UT purchased a new stake valued at $28,000 during the same period, while Allworth Financial LP expanded its holdings by 42.1%, now owning 27 shares valued at $36,000. GW&K Investment Management LLC also raised its stake significantly by 237.5%, acquiring 27 shares worth $36,000. Overall, institutional investors currently own 59.94% of Texas Pacific Land’s stock.
Insider Activity and Financial Performance
In other developments, Texas Pacific Land’s Director, Eric L. Oliver, purchased 100 shares on August 21, 2023, for an average price of $881.27 each, totaling $88,127. Following this transaction, Oliver’s ownership increased slightly, bringing his total to 393,600 shares, valued at nearly $346.87 million. Insider ownership stands at 6.90% of the company’s total stock.
Texas Pacific Land Corporation recently reported its quarterly earnings on August 6, 2023. The financial services provider announced earnings per share (EPS) of $5.05, falling short of the consensus estimate of $5.48 by $0.43. The company recorded a net margin of 62.16% and a return on equity of 39.47%, with revenue totaling $187.54 million, below analysts’ expectations of $198 million.
Dividend Announcement and Analyst Ratings
Texas Pacific Land also declared a quarterly dividend of $1.60, which was distributed on September 16, 2023. Shareholders on record as of September 2 received this dividend, representing an annualized payout of $6.40 and a yield of 0.7%. The company’s dividend payout ratio currently stands at 31.90%.
Analysts have recently weighed in on Texas Pacific Land’s stock. In a note dated October 21, 2023, Tudor Pickering upgraded the stock to a “strong sell” rating. In contrast, Weiss Ratings reaffirmed a “hold (c)” rating on October 14, 2023. Currently, one analyst has rated the stock as a hold, while another has issued a sell rating, leading to an average rating of “Reduce” according to data from MarketBeat.
Texas Pacific Land Corporation specializes in land and resource management, alongside water services and operations. The company maintains a 1/128th nonparticipating perpetual oil and gas royalty interest under approximately 85,000 acres of land and a 1/16th NPRI under roughly 371,000 acres of land, totaling approximately 195,000 net royalty acres in western Texas.
For additional details on institutional holdings and insider transactions related to Texas Pacific Land Corporation, investors can refer to recent filings available on credible financial news platforms.
