Principal Financial Group Inc. Raises Holdings in Texas Pacific Land Co. (NYSE:TPL)

Principal Financial Group Inc. raised its stake in Texas Pacific Land Co. (NYSE:TPL) by 198.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,919 shares of the financial services provider’s stock after buying an additional 2,606 shares during the quarter. Principal Financial Group Inc.’s holdings in Texas Pacific Land were worth $2,267,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Texas Pacific Land by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 634,083 shares of the financial services provider’s stock worth $997,064,000 after acquiring an additional 8,155 shares in the last quarter. Pacific Heights Asset Management LLC raised its position in shares of Texas Pacific Land by 200.0% during the 1st quarter. Pacific Heights Asset Management LLC now owns 165,000 shares of the financial services provider’s stock worth $95,454,000 after acquiring an additional 110,000 shares in the last quarter. Mad River Investors raised its position in shares of Texas Pacific Land by 199.2% during the 1st quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock worth $57,921,000 after acquiring an additional 66,663 shares in the last quarter. Hodges Capital Management Inc. raised its position in shares of Texas Pacific Land by 130.9% during the 1st quarter. Hodges Capital Management Inc. now owns 77,137 shares of the financial services provider’s stock worth $44,625,000 after acquiring an additional 43,726 shares in the last quarter. Finally, Schwartz Investment Counsel Inc. raised its position in shares of Texas Pacific Land by 1.3% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 66,861 shares of the financial services provider’s stock worth $105,136,000 after acquiring an additional 832 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Texas Pacific Land Price Performance

TPL stock traded down $4.25 during trading on Friday, reaching $743.55. 21,615 shares of the stock traded hands, compared to its average volume of 108,486. The business’s 50 day moving average price is $655.70 and its 200-day moving average price is $575.54. Texas Pacific Land Co. has a 52-week low of $429.56 and a 52-week high of $799.46. The firm has a market capitalization of $17.09 billion, a PE ratio of 39.76 and a beta of 1.63.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, May 8th. The financial services provider reported $4.97 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.39. The company had revenue of $174.14 million during the quarter, compared to the consensus estimate of $158.20 million. Texas Pacific Land had a return on equity of 43.16% and a net margin of 65.74%. On average, equities research analysts predict that Texas Pacific Land Co. will post 21.2 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared a None dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a $10.00 dividend. The ex-dividend date of this dividend is Monday, July 1st. Texas Pacific Land’s dividend payout ratio (DPR) is 24.88%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. BWS Financial reiterated a “buy” rating and issued a $917.00 target price on shares of Texas Pacific Land in a research note on Friday, May 10th. StockNews.com downgraded Texas Pacific Land from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th.

About Texas Pacific Land

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.