Driehaus Capital Management LLC Invests $8.03 Million in Texas Pacific Land Corporation $TPL

Key Points

• Driehaus Capital Management LLC acquired 6,057 shares of Texas Pacific Land Corporation (NYSE: TPL) during the first quarter, valued at approximately $8,025,000.
• Texas Pacific Land recently announced a quarterly dividend of $1.60 per share, to be paid on September 16th, representing a 0.7% dividend yield.
• The company reported earnings per share of $5.05 in its latest quarter, which was below the consensus estimate of $5.48, highlighting potential challenges for the firm.

Driehaus Capital Management LLC bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 6,057 shares of the financial services provider's stock, valued at approximately $8,025,000.

A number of other hedge funds have also modified their holdings of TPL. Hemington Wealth Management increased its stake in 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 in the last quarter. Golden State Wealth Management LLC grew its holdings in shares of 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 bought a new stake in shares of Texas Pacific Land in the 1st quarter valued at $28,000. Allworth Financial LP raised its stake in Texas Pacific Land by 42.1% during the 1st quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock worth $36,000 after buying an additional 8 shares during the period. Finally, GW&K Investment Management LLC lifted its holdings in Texas Pacific Land by 237.5% during the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock worth $36,000 after acquiring an additional 19 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

NYSE:TPL traded up $13.51 on Thursday, reaching $922.99. The company's stock had a trading volume of 51,378 shares, compared to its average volume of 137,881. The firm has a market cap of $21.22 billion, a PE ratio of 46.02 and a beta of 1.19. The business's 50-day moving average price is $963.35 and its two-hundred day moving average price is $1,164.81. Texas Pacific Land Corporation has a 1-year low of $766.51 and a 1-year high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $187.54 million for the quarter, compared to the consensus estimate of $198.00 million.

Texas Pacific Land Announces Dividend

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

Insider Activity

In other news, Director Eric L. Oliver bought 100 shares of the business's 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 purchase, the director owned 393,600 shares of the company's stock, valued at approximately $346,867,872. The trade was a 0.03% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought 290 shares of company stock worth $278,442 in the last ninety days. 6.50% of the stock is currently owned by company insiders.

Texas Pacific Land 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.