Avantax Advisory Services Inc. Raises Position in Texas Pacific Land Corporation (NYSE:TPL)

Avantax Advisory Services Inc. raised its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 79.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,253 shares of the financial services provider's stock after acquiring an additional 995 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Texas Pacific Land were worth $2,985,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TPL. JPMorgan Chase & Co. raised its stake in shares of 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 worth $44,979,000 after buying an additional 6,747 shares during the period. Toronto Dominion Bank raised its stake in Texas Pacific Land by 173.6% during the 4th quarter. Toronto Dominion Bank now owns 6,364 shares of the financial services provider's stock worth $7,038,000 after acquiring an additional 4,038 shares during the period. Spring Capital Management LLC purchased a new position in Texas Pacific Land during the first quarter valued at approximately $5,008,000. ProShare Advisors LLC boosted its position in shares of Texas Pacific Land by 347.0% in the fourth quarter. ProShare Advisors LLC now owns 3,670 shares of the financial services provider's stock worth $4,059,000 after purchasing an additional 2,849 shares during the period. Finally, AustralianSuper Pty Ltd boosted its position in shares of Texas Pacific Land by 4.8% in the first quarter. AustralianSuper Pty Ltd now owns 8,591 shares of the financial services provider's stock worth $11,383,000 after purchasing an additional 391 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

Shares of NYSE TPL traded down $31.37 during midday trading on Friday, reaching $936.76. The stock had a trading volume of 32,833 shares, compared to its average volume of 137,029. Texas Pacific Land Corporation has a 12-month low of $736.75 and a 12-month high of $1,769.14. The stock has a 50-day moving average of $1,067.53 and a 200-day moving average of $1,238.69. The company has a market capitalization of $21.54 billion, a price-to-earnings ratio of 46.89 and a beta of 1.08.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $5.24 EPS for the quarter, missing the consensus estimate 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 business had revenue of $195.98 million during the quarter, compared to analysts' expectations of $211.00 million.

Texas Pacific Land Announces Dividend

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

Texas Pacific Land Company 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.