Private Advisory Group LLC Makes New Investment in Texas Pacific Land Corporation (NYSE:TPL)

Key Points

• Private Advisory Group LLC has acquired a stake in Texas Pacific Land Corporation, purchasing 756 shares valued at approximately $1,002,000 in the first quarter.
• Several institutional investors have increased their holdings in Texas Pacific Land, including GAMMA Investing LLC, which raised its stake by over 241,000%.
• Texas Pacific Land reported a Q1 EPS of $5.24, falling short of analysts' expectations, with revenues of $195.98 million, below the projected $211 million.

Private Advisory Group LLC acquired a new stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 756 shares of the financial services provider's stock, valued at approximately $1,002,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Allworth Financial LP grew its position in shares of Texas Pacific Land by 42.1% in the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 8 shares during the period. Riversedge Advisors LLC grew its position in shares of Texas Pacific Land by 2.2% in the first quarter. Riversedge Advisors LLC now owns 370 shares of the financial services provider's stock valued at $490,000 after purchasing an additional 8 shares during the period. Huntington National Bank grew its position in shares of Texas Pacific Land by 2.8% in the fourth quarter. Huntington National Bank now owns 333 shares of the financial services provider's stock valued at $368,000 after purchasing an additional 9 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Texas Pacific Land by 13.0% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 78 shares of the financial services provider's stock valued at $103,000 after purchasing an additional 9 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Texas Pacific Land by 0.4% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 2,093 shares of the financial services provider's stock valued at $2,773,000 after acquiring an additional 9 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

TPL stock traded down $31.14 during trading on Friday, reaching $936.99. 95,310 shares of the stock traded hands, compared to its average volume of 152,785. The business's 50 day moving average price is $1,060.76 and its 200-day moving average price is $1,235.99. Texas Pacific Land Corporation has a 52-week low of $736.75 and a 52-week high of $1,769.14. The firm has a market capitalization of $21.54 billion, a PE ratio of 46.87 and a beta of 1.14.

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 net margin of 63.24% and a return on equity of 40.04%. The firm had revenue of $195.98 million for the quarter, compared to analysts' expectations of $211.00 million.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 2nd. Texas Pacific Land's payout ratio is 32.02%.

About Texas Pacific Land

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.