Texas Pacific Land Corporation $TPL Shares Purchased by Cresset Asset Management LLC

Key Points

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Cresset Asset Management LLC lifted its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 97.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,070 shares of the financial services provider's stock after purchasing an additional 1,519 shares during the quarter. Cresset Asset Management LLC's holdings in Texas Pacific Land were worth $4,067,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Hemington Wealth Management grew its holdings in shares of Texas Pacific Land by 66.7% in the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 8 shares during the period. Golden State Wealth Management LLC raised its holdings in Texas Pacific Land by 110.0% in the 1st quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock valued at $28,000 after buying an additional 11 shares during the period. Zions Bancorporation National Association UT purchased a new stake in Texas Pacific Land in the 1st quarter valued at about $28,000. Allworth Financial LP raised its holdings in Texas Pacific Land by 42.1% in the 1st quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock valued at $36,000 after buying an additional 8 shares during the period. Finally, GW&K Investment Management LLC raised its holdings in Texas Pacific Land by 237.5% in the 1st quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock valued at $36,000 after buying an additional 19 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Trading Up 3.3%

TPL traded up $28.9770 on Friday, hitting $909.2570. The company had a trading volume of 104,210 shares, compared to its average volume of 138,363. The company's fifty day moving average price is $991.59 and its 200 day moving average price is $1,192.19. Texas Pacific Land Corporation has a 1 year low of $766.51 and a 1 year high of $1,769.14. The firm has a market cap of $20.90 billion, a P/E ratio of 45.33 and a beta of 1.14.

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

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 2nd. Texas Pacific Land's dividend payout ratio (DPR) is presently 31.90%.

Insider Activity

In related news, Director Eric L. Oliver acquired 100 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was acquired at an average price of $915.00 per share, for a total transaction of $91,500.00. Following the purchase, the director owned 393,400 shares of the company's stock, valued at $359,961,000. This represents a 0.03% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders bought 230 shares of company stock valued at $238,038. Company insiders own 6.50% of the company's stock.

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.