Ethic Inc. raised its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 144.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,870 shares of the financial services provider's stock after purchasing an additional 1,694 shares during the quarter. Ethic Inc.'s holdings in Texas Pacific Land were worth $3,174,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in TPL. Barclays PLC increased its position in Texas Pacific Land by 6.1% during the 3rd quarter. Barclays PLC now owns 19,892 shares of the financial services provider's stock valued at $17,600,000 after purchasing an additional 1,152 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Texas Pacific Land by 74.0% during the 3rd quarter. Franklin Resources Inc. now owns 14,367 shares of the financial services provider's stock valued at $12,711,000 after buying an additional 6,109 shares in the last quarter. Czech National Bank bought a new stake in shares of Texas Pacific Land during the 4th quarter valued at $4,518,000. Wedmont Private Capital boosted its holdings in shares of Texas Pacific Land by 16.8% during the 4th quarter. Wedmont Private Capital now owns 243 shares of the financial services provider's stock valued at $269,000 after buying an additional 35 shares in the last quarter. Finally, Miracle Mile Advisors LLC bought a new stake in shares of Texas Pacific Land during the 4th quarter valued at $8,545,000. 59.94% of the stock is owned by hedge funds and other institutional investors.
Texas Pacific Land Stock Up 0.1%
Shares of TPL stock traded up $0.90 during mid-day trading on Friday, reaching $1,418.00. 34,360 shares of the company's stock traded hands, compared to its average volume of 155,558. Texas Pacific Land Co. has a 12 month low of $578.56 and a 12 month high of $1,769.14. The company has a market cap of $32.60 billion, a P/E ratio of 71.91 and a beta of 1.20. The company's 50-day moving average price is $1,301.83 and its 200-day moving average price is $1,318.60.
Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $5.24 EPS for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%. The business had revenue of $195.98 million for the quarter, compared to the consensus estimate of $211.00 million.
Texas Pacific Land Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Monday, June 2nd. Texas Pacific Land's payout ratio is 32.02%.
Insider Buying and Selling
In related news, VP Micheal W. Dobbs sold 1,150 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the transaction, the vice president now owns 1,393 shares in the company, valued at $1,771,227.36. The trade was a 45.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Chris Steddum sold 214 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer now owns 3,502 shares in the company, valued at approximately $4,601,592.98. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders have bought a total of 113 shares of company stock worth $148,385 in the last quarter. Corporate insiders own 6.50% of the company's stock.
Texas Pacific Land Company Profile
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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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