Garrett Wealth Advisory Group LLC Acquires Shares of 2,400 Texas Pacific Land Corporation (NYSE:TPL)

Garrett Wealth Advisory Group LLC bought a new stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,400 shares of the financial services provider's stock, valued at approximately $3,180,000. Texas Pacific Land comprises 0.7% of Garrett Wealth Advisory Group LLC's holdings, making the stock its 18th largest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Crossmark Global Holdings Inc. increased its position in Texas Pacific Land by 47.1% during the first quarter. Crossmark Global Holdings Inc. now owns 934 shares of the financial services provider's stock worth $1,238,000 after purchasing an additional 299 shares during the last quarter. U.S. Capital Wealth Advisors LLC purchased a new position in Texas Pacific Land during the first quarter worth about $3,168,000. HM Payson & Co. purchased a new position in Texas Pacific Land during the first quarter worth about $74,000. IFM Investors Pty Ltd boosted its stake in Texas Pacific Land by 10.1% during the first quarter. IFM Investors Pty Ltd now owns 5,082 shares of the financial services provider's stock worth $6,734,000 after buying an additional 467 shares during the period. Finally, OneDigital Investment Advisors LLC boosted its stake in Texas Pacific Land by 1.9% during the first quarter. OneDigital Investment Advisors LLC now owns 1,642 shares of the financial services provider's stock worth $2,175,000 after buying an additional 30 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Down 0.1%

TPL stock traded down $0.73 during mid-day trading on Wednesday, hitting $1,045.74. 89,802 shares of the company were exchanged, compared to its average volume of 147,201. The firm has a market capitalization of $24.04 billion, a P/E ratio of 52.31 and a beta of 1.08. The business has a fifty day simple moving average of $1,184.49 and a 200-day simple moving average of $1,261.61. Texas Pacific Land Corporation has a 12-month low of $736.75 and a 12-month high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a return on equity of 40.04% and a net margin of 63.24%. The firm had revenue of $195.98 million during the quarter, compared to analysts' expectations of $211.00 million.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a $1.60 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.61%. 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.