Prudential Financial Inc. Boosts Position in Texas Pacific Land Corporation $TPL

by · The Markets Daily

Prudential Financial Inc. boosted its position in Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 8.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,966 shares of the financial services provider’s stock after purchasing an additional 884 shares during the period. Prudential Financial Inc.’s holdings in Texas Pacific Land were worth $11,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Harvest Fund Management Co. Ltd raised its position in Texas Pacific Land by 338.3% in the first quarter. Harvest Fund Management Co. Ltd now owns 526 shares of the financial services provider’s stock worth $696,000 after acquiring an additional 406 shares during the period. Brooklyn Investment Group grew its position in shares of Texas Pacific Land by 3,246.7% during the 1st quarter. Brooklyn Investment Group now owns 502 shares of the financial services provider’s stock valued at $665,000 after acquiring an additional 487 shares during the period. Strategy Asset Managers LLC purchased a new stake in shares of Texas Pacific Land in the 1st quarter worth $576,000. ASR Vermogensbeheer N.V. bought a new position in Texas Pacific Land in the 1st quarter worth $16,297,000. Finally, Jump Financial LLC lifted its position in Texas Pacific Land by 151.6% during the first quarter. Jump Financial LLC now owns 561 shares of the financial services provider’s stock valued at $743,000 after purchasing an additional 338 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Trading Up 0.0%

NYSE:TPL opened at $864.55 on Friday. The stock has a 50-day moving average price of $932.42 and a 200 day moving average price of $1,002.01. The stock has a market capitalization of $19.87 billion, a P/E ratio of 43.10 and a beta of 1.12. Texas Pacific Land Corporation has a 12-month low of $838.27 and a 12-month high of $1,692.51.

Texas Pacific Land (NYSE:TPL – Get Free Report) last posted its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $5.27 EPS for the quarter, missing analysts’ consensus estimates of $5.77 by ($0.50). Texas Pacific Land had a return on equity of 39.47% and a net margin of 62.16%.The business had revenue of $203.10 million during the quarter, compared to analysts’ expectations of $175.00 million.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, December 1st. Texas Pacific Land’s payout ratio is 30.92%.

Wall Street Analyst Weigh In

A number of analysts have commented on TPL shares. Tudor Pickering upgraded Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Read Our Latest Stock Report on TPL

Texas Pacific Land Profile

(Free Report)

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.

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