LPL Financial LLC lowered its stake in Texas Pacific Land Co. (NYSE:TPL – Free Report) by 13.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,792 shares of the financial services provider’s stock after selling 441 shares during the quarter. LPL Financial LLC’s holdings in Texas Pacific Land were worth $4,749,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the company. Kalos Management Inc. acquired a new stake in shares of Texas Pacific Land in the 1st quarter worth $26,000. Pacer Advisors Inc. acquired a new stake in Texas Pacific Land during the fourth quarter worth $33,000. Fred Alger Management LLC purchased a new stake in Texas Pacific Land in the third quarter valued at $41,000. Point72 Asset Management L.P. acquired a new position in shares of Texas Pacific Land in the 4th quarter valued at $42,000. Finally, CoreCap Advisors LLC purchased a new stake in Texas Pacific Land in the 4th quarter valued at about $59,000. 60.40% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have commented on TPL. StockNews.com began coverage on Texas Pacific Land in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Stifel Nicolaus boosted their price target on shares of Texas Pacific Land from $1,371.00 to $1,622.00 in a research note on Friday, August 11th.
Texas Pacific Land Trading Up 1.3 %
Texas Pacific Land stock opened at $1,909.80 on Friday. The firm has a market capitalization of $14.66 billion, a P/E ratio of 35.33 and a beta of 1.82. Texas Pacific Land Co. has a twelve month low of $1,266.21 and a twelve month high of $2,739.00. The stock’s fifty day simple moving average is $1,601.80 and its 200-day simple moving average is $1,574.11.
Texas Pacific Land (NYSE:TPL – Get Free Report) last posted its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $13.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.11 by $1.94. Texas Pacific Land had a return on equity of 51.89% and a net margin of 64.00%. The company had revenue of $160.61 million for the quarter, compared to analyst estimates of $143.24 million. Sell-side analysts predict that Texas Pacific Land Co. will post 49.83 earnings per share for the current year.
Texas Pacific Land Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $3.25 dividend. This represents a $13.00 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date of this dividend is Thursday, August 31st. Texas Pacific Land’s dividend payout ratio is presently 24.05%.
About Texas Pacific Land
Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company's Land and Resource Management segment manages surface acres of land. This segment also holds own 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 located in the western part of Texas.
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