Envestnet Asset Management Inc. Cuts Stake in Texas Pacific Land Co. (NYSE:TPL)

Envestnet Asset Management Inc. lowered its stake in shares of Texas Pacific Land Co. (NYSE:TPL) by 53.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,626 shares of the financial services provider’s stock after selling 5,330 shares during the period. Envestnet Asset Management Inc.’s holdings in Texas Pacific Land were worth $5,116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Assetmark Inc. bought a new position in shares of Texas Pacific Land during the 4th quarter valued at about $29,000. Atala Financial Inc purchased a new stake in shares of Texas Pacific Land in the fourth quarter worth about $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Texas Pacific Land during the fourth quarter valued at approximately $66,000. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Texas Pacific Land by 21.1% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 69 shares of the financial services provider’s stock valued at $76,000 after buying an additional 12 shares in the last quarter. Finally, Sentry Investment Management LLC bought a new stake in Texas Pacific Land in the 4th quarter worth approximately $87,000. Institutional investors own 59.94% of the company’s stock.

Insiders Place Their Bets

In related news, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the transaction, the vice president now directly owns 1,393 shares of the company’s stock, valued at approximately $1,771,227.36. The trade was a 45.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Chris Steddum sold 214 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the completion of the sale, the chief financial officer now directly owns 3,502 shares in the company, valued at $4,601,592.98. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have purchased 86 shares of company stock valued at $112,203 over the last ninety days. 6.50% of the stock is owned by insiders.

Texas Pacific Land Stock Performance

NYSE TPL opened at $1,310.01 on Wednesday. The stock has a 50 day moving average price of $1,310.05 and a 200-day moving average price of $1,286.34. Texas Pacific Land Co. has a one year low of $555.71 and a one year high of $1,769.14. The company has a market capitalization of $30.11 billion, a P/E ratio of 66.43 and a beta of 1.44.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $5.14 EPS for the quarter. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%. The business had revenue of $185.78 million during the quarter.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a $1.60 dividend. The ex-dividend date was Monday, March 3rd. This represents a $6.40 annualized dividend and a yield of 0.49%. Texas Pacific Land’s dividend payout ratio is currently 32.45%.

Texas Pacific Land 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.