Garrett Wealth Advisory Group LLC Takes Position in Texas Pacific Land Corporation (NYSE:TPL)

Garrett Wealth Advisory Group 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 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 portfolio, making the stock its 18th largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC raised its holdings in shares of Texas Pacific Land by 110.0% in the 1st 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 during the last quarter. Bessemer Group Inc. grew its position in Texas Pacific Land by 108.3% in the 4th quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider's stock worth $28,000 after purchasing an additional 13 shares in the last quarter. Assetmark Inc. bought a new stake in Texas Pacific Land in the 4th quarter worth about $29,000. Atala Financial Inc bought a new stake in Texas Pacific Land in the 4th quarter worth about $31,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in Texas Pacific Land by 175.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 33 shares of the financial services provider's stock worth $44,000 after purchasing an additional 21 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Stock Down 0.9%

TPL stock traded down $9.71 during trading on Wednesday, reaching $1,036.77. The stock had a trading volume of 20,265 shares, compared to its average volume of 146,786. Texas Pacific Land Corporation has a one year low of $736.75 and a one year high of $1,769.14. The company's 50 day moving average is $1,189.33 and its two-hundred day moving average is $1,263.11. The company has a market capitalization of $23.84 billion, a price-to-earnings ratio of 51.78 and a beta of 1.08.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data 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 the consensus estimate of $211.00 million.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date was Monday, June 2nd. Texas Pacific Land's payout ratio is 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.