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

Other large investors also recently modified their holdings of the company. Allworth Financial LP raised its holdings 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 valued at $36,000 after buying an additional 8 shares during the last quarter. Riversedge Advisors LLC raised its stake in Texas Pacific Land by 2.2% during 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 in the last quarter. 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 worth $26,000 after purchasing an additional 8 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in Texas Pacific Land by 13.0% during 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 in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of 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 worth $2,773,000 after purchasing an additional 9 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Texas Pacific Land news, Director Eric L. Oliver bought 100 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was bought at an average cost of $881.27 per share, with a total value of $88,127.00. Following the completion of the transaction, the director directly 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 280 shares of company stock worth $267,306 over the last quarter. Insiders own 6.50% of the company's stock.

Texas Pacific Land Stock Down 3.2%

Shares of Texas Pacific Land stock traded down $29.59 during trading hours on Friday, reaching $899.35. 31,787 shares of the company's stock were exchanged, compared to its average volume of 137,481. The company has a market capitalization of $20.68 billion, a P/E ratio of 44.89 and a beta of 1.19. The business has a fifty day moving average of $960.43 and a two-hundred day moving average of $1,161.73. 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 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). The business had revenue of $187.54 million during the quarter, compared to analyst estimates of $198.00 million. Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $1.60 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land's payout ratio is currently 31.90%.

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.