State of New Jersey Common Pension Fund D Sells 3,544 Shares of Texas Pacific Land Co. (NYSE:TPL)

State of New Jersey Common Pension Fund D lessened its stake in Texas Pacific Land Co. (NYSE:TPL) by 32.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,403 shares of the financial services provider’s stock after selling 3,544 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Texas Pacific Land were worth $5,436,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Wellington Shields & Co. LLC bought a new position in Texas Pacific Land in the 2nd quarter worth approximately $231,000. ClariVest Asset Management LLC bought a new position in Texas Pacific Land in the 2nd quarter worth approximately $1,785,000. Oak Thistle LLC bought a new position in Texas Pacific Land in the 2nd quarter worth approximately $442,000. Acadian Asset Management LLC bought a new position in Texas Pacific Land in the 2nd quarter worth approximately $1,216,000. Finally, New Mexico Educational Retirement Board bought a new stake in shares of Texas Pacific Land during the 2nd quarter valued at $2,790,000. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock opened at $808.99 on Monday. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $881.12. The firm has a fifty day moving average of $814.43 and a two-hundred day moving average of $685.68. The stock has a market capitalization of $18.59 billion, a price-to-earnings ratio of 43.01 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. The firm had revenue of $172.33 million during the quarter, compared to the consensus estimate of $182.35 million. During the same quarter in the prior year, the company earned $4.35 EPS. As a group, research analysts forecast that Texas Pacific Land Co. will post 20.14 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be given a $1.17 dividend. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date is Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio is currently 24.88%.

Analyst Ratings Changes

Several analysts have commented on the stock. BWS Financial reiterated a “buy” rating and set a $917.00 target price on shares of Texas Pacific Land in a research report on Monday, August 12th. StockNews.com cut shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th.

Texas Pacific Land Company Profile

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.