Bulldog Investors LLP trimmed its holdings in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 19.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,022 shares of the financial services provider's stock after selling 1,878 shares during the quarter. Texas Pacific Land accounts for about 2.4% of Bulldog Investors LLP's investment portfolio, making the stock its 9th biggest position. Bulldog Investors LLP's holdings in Texas Pacific Land were worth $8,873,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of TPL. Vanguard Group Inc. boosted its stake in shares of Texas Pacific Land by 12.5% during the 4th quarter. Vanguard Group Inc. now owns 2,350,380 shares of the financial services provider's stock valued at $2,599,426,000 after buying an additional 260,278 shares during the last quarter. Invesco Ltd. raised its holdings in Texas Pacific Land by 203.4% in the fourth quarter. Invesco Ltd. now owns 299,578 shares of the financial services provider's stock valued at $331,321,000 after acquiring an additional 200,841 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Texas Pacific Land by 34.5% in the 4th quarter. Geode Capital Management LLC now owns 622,115 shares of the financial services provider's stock valued at $693,023,000 after purchasing an additional 159,597 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Texas Pacific Land by 943.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 121,055 shares of the financial services provider's stock worth $133,883,000 after purchasing an additional 109,455 shares during the last quarter. Finally, York GP Ltd. acquired a new position in Texas Pacific Land in the fourth quarter worth about $101,859,000. Hedge funds and other institutional investors own 59.94% of the company's stock.
Insider Activity
In other Texas Pacific Land news, VP Micheal W. Dobbs sold 1,150 shares of the firm's 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 transaction, the vice president now owns 1,393 shares of the company's stock, valued at approximately $1,771,227.36. This trade represents a 45.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Chris Steddum sold 214 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $4,601,592.98. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 100 shares of company stock valued at $130,700. Company insiders own 6.50% of the company's stock.
Texas Pacific Land Stock Up 1.2 %
Shares of TPL traded up $15.46 during mid-day trading on Friday, hitting $1,302.95. The stock had a trading volume of 83,041 shares, compared to its average volume of 155,545. The company has a market cap of $29.95 billion, a PE ratio of 66.07 and a beta of 1.20. Texas Pacific Land Co. has a fifty-two week low of $578.56 and a fifty-two week high of $1,769.14. The company's fifty day simple moving average is $1,298.70 and its two-hundred day simple moving average is $1,312.08.
Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%. The business had revenue of $195.98 million during the quarter, compared to the consensus estimate of $211.00 million.
Texas Pacific Land Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be paid a $1.60 dividend. The ex-dividend date is Monday, June 2nd. This represents a $6.40 annualized dividend and a dividend yield of 0.49%. Texas Pacific Land's payout ratio is 32.45%.
Texas Pacific Land Profile
(
Free Report)
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.
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