Formidable Asset Management LLC cut its stake in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 64.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 520 shares of the financial services provider's stock after selling 923 shares during the period. Formidable Asset Management LLC's holdings in Texas Pacific Land were worth $575,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in shares of Texas Pacific Land by 19.9% during the fourth 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 in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Texas Pacific Land by 12.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 16,502 shares of the financial services provider's stock worth $18,251,000 after purchasing an additional 1,891 shares in the last quarter. Fisher Asset Management LLC purchased a new stake in Texas Pacific Land in the fourth quarter worth approximately $380,000. Atria Wealth Solutions Inc. boosted its stake in Texas Pacific Land by 64.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 1,069 shares of the financial services provider's stock worth $1,182,000 after buying an additional 420 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Texas Pacific Land by 347.0% in the fourth quarter. ProShare Advisors LLC now owns 3,670 shares of the financial services provider's stock worth $4,059,000 after buying an additional 2,849 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.
Texas Pacific Land Stock Performance
TPL traded down $20.29 during midday trading on Thursday, hitting $1,199.25. The stock had a trading volume of 158,696 shares, compared to its average volume of 158,230. The company has a market cap of $27.57 billion, a P/E ratio of 60.81 and a beta of 1.20. Texas Pacific Land Co. has a 1 year low of $578.56 and a 1 year high of $1,769.14. The business has a fifty day moving average of $1,300.08 and a 200 day moving average of $1,323.98.
Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). The company had revenue of $195.98 million for the quarter, compared to analysts' expectations of $211.00 million. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%.
Texas Pacific Land Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date is Monday, June 2nd. Texas Pacific Land's payout ratio is 32.02%.
Insider Buying and Selling
In related news, CFO Chris Steddum sold 214 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total value of $281,193.86. Following the completion of the sale, the chief financial officer now owns 3,502 shares of the company's stock, valued at $4,601,592.98. This trade represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Micheal W. Dobbs sold 1,150 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the completion of the sale, the vice president now directly owns 1,393 shares of the company's stock, valued at $1,771,227.36. The trade was a 45.22% decrease in their position. The disclosure for this sale can be found here. Insiders acquired 158 shares of company stock valued at $209,433 over the last quarter. 6.50% of the stock is owned by company insiders.
About Texas Pacific Land
(
Free Report)
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.
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