Brave Asset Management Inc. Sells 270 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Brave Asset Management Inc. sold 270 shares of Texas Pacific Land Corporation ($TPL), reducing its stake by 50.3%, and now holds 267 shares valued at approximately $282,000.
• GAMMA Investing LLC significantly increased its stake by 241,048.0% in the first quarter, acquiring 361,722 shares valued at nearly $479 million, while institutional investors own 59.94% of the stock.
• Texas Pacific Land reported a quarterly earnings miss with $5.05 earnings per share versus the expected $5.48, and also declared a dividend of $1.60 per share with a 0.7% yield.

Brave Asset Management Inc. reduced its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 50.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 267 shares of the financial services provider's stock after selling 270 shares during the quarter. Brave Asset Management Inc.'s holdings in Texas Pacific Land were worth $282,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its stake in shares of Texas Pacific Land by 241,048.0% in the 1st quarter. GAMMA Investing LLC now owns 361,722 shares of the financial services provider's stock valued at $479,278,000 after acquiring an additional 361,572 shares in the last quarter. Vanguard Group Inc. grew its holdings in Texas Pacific Land by 4.9% in the first quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider's stock worth $3,267,588,000 after purchasing an additional 115,743 shares during the period. Nuveen LLC acquired a new stake in Texas Pacific Land in the first quarter worth $68,518,000. CW Advisors LLC bought a new stake in Texas Pacific Land in the first quarter valued at $31,919,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Texas Pacific Land by 23.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 90,999 shares of the financial services provider's stock valued at $120,573,000 after purchasing an additional 17,066 shares during the period. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Price Performance

TPL stock opened at $927.04 on Friday. The company's 50-day moving average is $923.10 and its 200-day moving average is $1,115.67. The stock has a market capitalization of $21.31 billion, a PE ratio of 46.21 and a beta of 1.19. Texas Pacific Land Corporation has a 1 year low of $845.56 and a 1 year high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share for the quarter, missing analysts' consensus estimates of $5.48 by ($0.43). Texas Pacific Land had a return on equity of 39.47% and a net margin of 62.16%.The firm had revenue of $187.54 million for the quarter, compared to analyst estimates of $198.00 million.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were given a $1.60 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $6.40 annualized dividend and a yield of 0.7%. Texas Pacific Land's dividend payout ratio (DPR) is presently 31.90%.

Insider Buying and Selling

In other Texas Pacific Land news, Director Eric L. Oliver acquired 100 shares of the stock in a transaction on Thursday, August 21st. The shares were purchased at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the completion of the acquisition, the director owned 393,600 shares in the company, valued at approximately $346,867,872. This represents a 0.03% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 6.50% of the company's stock.

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.

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