News Summary
The New York State Teachers Retirement System has raised its investment in Texas Pacific Land Corporation by 2.3%, now holding 13,491 shares valued at approximately $14.25 million. This increase is part of a wider trend where various institutional investors have altered their stakes in the company. Recently reported quarterly earnings fell short of expectations, yet the company maintains a significant market cap and dividend payout. Texas Pacific Land engages in extensive land and resource management, with major royalty interests in West Texas.
New York — The New York State Teachers Retirement System has increased its stake in Texas Pacific Land Corporation (NYSE: TPL) by 2.3% during the second quarter of the year. The retirement system now holds a total of 13,491 shares, having purchased an additional 302 shares over the quarter, which amounts to an investment valued at approximately $14,252,000.
This move follows a trend among various institutional investors who have adjusted their positions in Texas Pacific Land recently. For example, Hemington Wealth Management raised its holdings by 66.7% in the first quarter, now owning 20 shares worth $26,000 after acquiring 8 additional shares. Similarly, Golden State Wealth Management LLC increased its holdings by a significant 110.0%, bringing their total to 21 shares valued at $28,000 following the purchase of 11 additional shares. Furthermore, Zions Bancorporation National Association UT purchased a new stake worth approximately $28,000, and Allworth Financial LP boosted its stake by 42.1%, now owning 27 shares valued at $36,000 after buying 8 more. Lastly, GW&K Investment Management LLC increased its position by a staggering 237.5%, now holding 27 shares valued at $36,000 after an addition of 19 shares.
Currently, institutional investors own approximately 59.94% of Texas Pacific Land’s stock. As of Friday, the stock opened at $937.81, with a 50-day moving average price of $917.75 and a 200-day moving average price of $1,069.49. The company’s market capitalization stands at $21.55 billion, and it boasts a price-to-earnings (PE) ratio of 46.75, accompanied by a beta of 1.12. In terms of stock performance, Texas Pacific Land has seen a 1-year low of $845.56 and a 1-year high of $1,769.14.
Texas Pacific Land reported its quarterly earnings of $5.05 per share on August 6, missing the consensus estimate of $5.48 by $0.43. The company recorded a return on equity of 39.47% and a net margin of 62.16%. Revenue reached $187.54 million, falling short of analyst expectations, which stood at $198.00 million.
On September 16, Texas Pacific Land declared a quarterly dividend of $1.60, which was paid to shareholders on record as of September 2. The company’s annualized dividend reaches $6.40, yielding 0.7% with a payout ratio of 31.90%. Notably, Director Eric L. Oliver added 100 shares on August 21, purchasing them at an average cost of $881.27 each, amounting to a total investment of $88,127. Following this transaction, he holds 393,600 shares valued at $346,867,872, marking a 0.03% increase in his overall position.
Furthermore, it is reported that 6.90% of Texas Pacific Land’s stock is owned by corporate insiders. Weiss Ratings restated a “hold (c)” rating for the stock on October 14, with one research analyst also assigning a Hold rating, which aligns with the general sentiment that Texas Pacific Land holds an average Hold rating among analysts.
Texas Pacific Land engages in various activities related to land and resource management, including water services and operations. It owns nonparticipating perpetual oil and gas royalty interests covering approximately 85,000 acres, as well as 371,000 acres of land. Specifically, the company has approximately 4,000 net royalty acres and about 195,000 net royalty acres located in West Texas.
Deeper Dive: News & Info About This Topic
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