Covestor Ltd Decreases Stock Holdings in Texas Pacific Land Co. (NYSE:TPL)

Covestor Ltd reduced its holdings in Texas Pacific Land Co. (NYSE:TPL) by 16.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 283 shares of the financial services provider’s stock after selling 57 shares during the period. Covestor Ltd’s holdings in Texas Pacific Land were worth $251,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Avantax Advisory Services Inc. grew its position in Texas Pacific Land by 204.2% in the first quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider’s stock worth $584,000 after acquiring an additional 678 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Texas Pacific Land by 229.3% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,054 shares of the financial services provider’s stock worth $8,709,000 after purchasing an additional 10,483 shares during the period. Russell Investments Group Ltd. increased its position in shares of Texas Pacific Land by 174.6% during the 1st quarter. Russell Investments Group Ltd. now owns 11,757 shares of the financial services provider’s stock valued at $6,802,000 after purchasing an additional 7,476 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Texas Pacific Land by 56.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,497 shares of the financial services provider’s stock valued at $10,645,000 after buying an additional 5,255 shares during the period. Finally, Marietta Wealth Management LLC bought a new stake in Texas Pacific Land in the second quarter worth $2,926,000. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Performance

TPL opened at $1,374.06 on Friday. The stock’s 50 day moving average price is $993.11 and its 200-day moving average price is $818.45. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $1,417.72. The stock has a market cap of $31.58 billion, a price-to-earnings ratio of 70.50 and a beta of 1.56.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). The business had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. Texas Pacific Land had a return on equity of 40.57% and a net margin of 65.34%. During the same quarter in the previous year, the business earned $4.35 EPS.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $1.60 per share. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17. The ex-dividend date is Monday, December 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.47%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 24.01%.

Wall Street Analyst Weigh In

Separately, BWS Financial reissued a “buy” rating and issued a $917.00 target price on shares of Texas Pacific Land in a research note 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.