Texas Pacific Land Corporation (NYSE:TPL) Shares Sold by Encompass More Asset Management

Key Points

• Encompass More Asset Management has reduced its stake in Texas Pacific Land Corporation by 37.2%, owning 675 shares worth approximately $894,000 after selling 400 shares in the first quarter.
• Texas Pacific Land reported an EPS of $5.24 for the last quarter, missing the consensus estimate by $0.03, with revenues of $195.98 million falling short of expectations.
• The company recently declared a quarterly dividend of $1.60, representing an annualized dividend of $6.40 and a yield of 0.7%.

Encompass More Asset Management lowered its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 37.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 675 shares of the financial services provider's stock after selling 400 shares during the quarter. Encompass More Asset Management's holdings in Texas Pacific Land were worth $894,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of TPL. JPMorgan Chase & Co. lifted its stake in shares of Texas Pacific Land by 19.9% during the 4th quarter. JPMorgan Chase & Co. now owns 40,670 shares of the financial services provider's stock worth $44,979,000 after purchasing an additional 6,747 shares during the last quarter. Franklin Resources Inc. increased its position in Texas Pacific Land by 13.4% during the 4th quarter. Franklin Resources Inc. now owns 16,286 shares of the financial services provider's stock valued at $18,011,000 after buying an additional 1,919 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Texas Pacific Land during the 4th quarter valued at about $6,416,000. Aviva PLC increased its position in Texas Pacific Land by 734.6% during the 4th quarter. Aviva PLC now owns 12,177 shares of the financial services provider's stock valued at $13,467,000 after buying an additional 10,718 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in Texas Pacific Land by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 9,501 shares of the financial services provider's stock valued at $10,509,000 after buying an additional 1,340 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Performance

NYSE:TPL traded down $80.32 during mid-day trading on Thursday, hitting $870.30. 300,613 shares of the company's stock traded hands, compared to its average volume of 159,407. The company has a fifty day moving average of $1,036.62 and a 200 day moving average of $1,223.18. Texas Pacific Land Corporation has a twelve month low of $752.70 and a twelve month high of $1,769.14. The company has a market capitalization of $20.01 billion, a P/E ratio of 43.39 and a beta of 1.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data 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). The firm 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 40.85%.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued 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 dividend yield of 0.7%. Texas Pacific Land's dividend payout ratio is currently 32.02%.

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.