Texas Pacific Land Co. (NYSE:TPL) Position Lowered by Mad River Investors

Mad River Investors lowered its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 1.5% in the third quarter, Holdings Channel reports. The firm owned 97,778 shares of the financial services provider’s stock after selling 1,532 shares during the period. Texas Pacific Land makes up about 48.0% of Mad River Investors’ investment portfolio, making the stock its biggest position. Mad River Investors’ holdings in Texas Pacific Land were worth $86,509,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Benjamin F. Edwards & Company Inc. increased its holdings in Texas Pacific Land by 200.0% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 45 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 30 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Texas Pacific Land by 315.4% in the first quarter. GAMMA Investing LLC now owns 54 shares of the financial services provider’s stock valued at $31,000 after buying an additional 41 shares in the last quarter. American National Bank purchased a new stake in shares of Texas Pacific Land during the 2nd quarter valued at about $42,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Texas Pacific Land during the 2nd quarter valued at about $44,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in Texas Pacific Land during the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Trading Down 1.7 %

NYSE:TPL traded down $18.60 on Wednesday, reaching $1,073.13. The stock had a trading volume of 22,724 shares, compared to its average volume of 103,559. The company has a 50-day moving average of $903.61 and a 200 day moving average of $765.17. The stock has a market cap of $24.66 billion, a P/E ratio of 55.20 and a beta of 1.60. Texas Pacific Land Co. has a 12-month low of $467.62 and a 12-month high of $1,095.75.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results 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 business had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. During the same period in the prior year, the company posted $4.35 EPS.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a $1.17 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.44%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 24.07%.

Wall Street Analyst Weigh In

Separately, BWS Financial reaffirmed a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research report on Monday, August 12th.

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.