Texas Pacific Land Co. (NYSE:TPL) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. decreased its holdings in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 53.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in Texas Pacific Land by 19.9% in the fourth quarter. JPMorgan Chase & Co. now owns 40,670 shares of the financial services provider's stock valued at $44,979,000 after acquiring an additional 6,747 shares in the last quarter. Everence Capital Management Inc. acquired a new position in Texas Pacific Land in the fourth quarter valued at $641,000. Miracle Mile Advisors LLC acquired a new position in Texas Pacific Land in the fourth quarter valued at $8,545,000. Brave Asset Management Inc. boosted its stake in Texas Pacific Land by 87.1% in the fourth quarter. Brave Asset Management Inc. now owns 537 shares of the financial services provider's stock valued at $594,000 after acquiring an additional 250 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in Texas Pacific Land by 12.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,502 shares of the financial services provider's stock valued at $18,251,000 after acquiring an additional 1,891 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Activity

In related news, CFO Chris Steddum sold 214 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the completion of the transaction, the chief financial officer now directly owns 3,502 shares of the company's stock, valued at $4,601,592.98. This represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Micheal W. Dobbs sold 1,150 shares of the stock in a transaction dated Thursday, March 13th. The stock was 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 directly owns 1,393 shares of the company's stock, valued at $1,771,227.36. This represents a 45.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders acquired 90 shares of company stock valued at $117,505. Insiders own 6.50% of the company's stock.

Texas Pacific Land Stock Performance

NYSE TPL traded up $17.89 during trading hours on Monday, hitting $1,352.52. The company had a trading volume of 60,383 shares, compared to its average volume of 153,988. The business has a 50 day moving average of $1,305.89 and a 200-day moving average of $1,297.85. Texas Pacific Land Co. has a 1-year low of $555.71 and a 1-year high of $1,769.14. The company has a market cap of $31.09 billion, a PE ratio of 68.59 and a beta of 1.44.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $1.60 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.47%. Texas Pacific Land's payout ratio is 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.