Element Capital Management LLC Invests $2.66 Million in Texas Pacific Land Corporation $TPL

Key Points

• Element Capital Management LLC has acquired a new stake in Texas Pacific Land Corporation (NYSE:TPL), buying 2,008 shares valued at approximately $2.66 million.
• The company recently reported earnings of $5.05 per share, missing estimates and generating revenue of $187.54 million compared to an expected $198 million.
• Texas Pacific Land announced a quarterly dividend of $1.60 per share, with a yield of 0.7% and a payout ratio of 31.90%.

Element Capital Management LLC bought a new position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,008 shares of the financial services provider's stock, valued at approximately $2,661,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TPL. Hemington Wealth Management raised its holdings in shares of Texas Pacific Land by 66.7% in the 1st 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 period. Bessemer Group Inc. lifted its position in shares of Texas Pacific Land by 108.3% during the fourth quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock worth $28,000 after acquiring an additional 13 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of Texas Pacific Land by 110.0% during the first quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock worth $28,000 after acquiring an additional 11 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Texas Pacific Land during the first quarter worth $28,000. Finally, Allworth Financial LP lifted its position in shares of Texas Pacific Land by 42.1% during the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock worth $36,000 after acquiring an additional 8 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Insider Activity

In other news, Director Eric L. Oliver purchased 100 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $915.00 per share, with a total value of $91,500.00. Following the completion of the acquisition, the director owned 393,400 shares in the company, valued at $359,961,000. This trade represents a 0.03% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders acquired a total of 250 shares of company stock worth $264,535 in the last quarter. Corporate insiders own 6.50% of the company's stock.

Texas Pacific Land Price Performance

Shares of NYSE:TPL traded up $11.60 during trading on Monday, hitting $893.75. 124,255 shares of the company were exchanged, compared to its average volume of 171,697. The company has a market cap of $20.55 billion, a PE ratio of 44.55 and a beta of 1.14. The stock has a 50 day moving average of $1,004.09 and a 200 day moving average of $1,199.50. Texas Pacific Land Corporation has a 52-week low of $766.51 and a 52-week high of $1,769.14.

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

Texas Pacific Land Dividend Announcement

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

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.