Hunter Associates Investment Management LLC has reduced its holdings in Texas Pacific Land Corporation (NYSE: TPL) by 21.0% during the second quarter of 2023. This information was disclosed in the company’s latest Form 13F filing with the Securities and Exchange Commission (SEC). Following this transaction, Hunter Associates now owns 4,171 shares of the financial services provider, having sold 1,106 shares. The current value of these holdings is approximately $4.4 million.
Several other institutional investors have also adjusted their positions in Texas Pacific Land recently. Hemington Wealth Management increased its stake by 66.7% in the first quarter, owning 20 shares valued at $26,000 after acquiring an additional 8 shares. Similarly, Zions Bancorporation National Association UT entered a new investment in Texas Pacific Land, purchasing shares worth $28,000. Allworth Financial LP raised its stake by 42.1%, now holding 27 shares with a value of $36,000, while GW&K Investment Management LLC boosted its holdings by 237.5% to own 27 shares valued at $36,000 after acquiring an additional 19 shares. IMA Advisory Services Inc. also purchased a new stake worth $36,000. Currently, hedge funds and institutional investors collectively own 59.94% of Texas Pacific Land’s stock.
In other notable developments, Director Eric L. Oliver acquired 100 shares of Texas Pacific Land on August 21, 2023, at an average price of $881.27 per share, amounting to a total transaction value of $88,127. Following this purchase, Oliver’s total ownership increased to 393,600 shares, valued at approximately $346.87 million. Corporate insiders currently own 6.90% of the company’s stock.
Texas Pacific Land’s Financial Performance
Texas Pacific Land Corporation recently released its quarterly earnings data on August 6, 2023, reporting earnings per share (EPS) of $5.05. This figure fell short of analysts’ 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%. Total revenue for the quarter was $187.54 million, compared to the expected $198 million.
Additionally, Texas Pacific Land announced a quarterly dividend of $1.60, which was paid to shareholders on September 16, 2023. This dividend was declared for those on record as of September 2, 2023. The annualized dividend now stands at $6.40, providing a yield of 0.7%. The company’s current dividend payout ratio is 31.90%.
Market Analysts’ Perspectives
Recently, various equities research analysts have provided insights on Texas Pacific Land shares. Tudor Pickering designated the stock as a “strong sell” in a research note dated October 21, 2023. Weiss Ratings maintained a “hold (c)” rating on the shares in a note from October 14, 2023. Overall, one analyst has rated the stock as a hold, while another has suggested a sell, leading to an average rating of “reduce,” according to data from MarketBeat.
Texas Pacific Land Corporation specializes in land and resource management, along with providing water services and operations. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest under approximately 85,000 acres of land, in addition to a 1/16th NPRI under around 371,000 acres and about 4,000 additional net royalty acres, totaling approximately 195,000 NRA in western Texas.
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