Gateway Investment Advisers LLC Purchases 337 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Gateway Investment Advisers LLC increased its stake in Texas Pacific Land Corporation (TPL) by 80.6% during the second quarter, now holding shares worth $798,000 after acquiring an additional 337 shares.
• Other institutional investors have also made significant investments in TPL, with the largest being Toronto Dominion Bank, which boosted its holdings by 173.6% to own shares valued at $7,038,000.
• The company recently reported earnings of $5.05 per share for the quarter, missing analysts' expectations of $5.48, with revenue also falling short at $187.54 million compared to an estimated $198 million.

Gateway Investment Advisers LLC grew its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 80.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 755 shares of the financial services provider's stock after purchasing an additional 337 shares during the period. Gateway Investment Advisers LLC's holdings in Texas Pacific Land were worth $798,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Hemington Wealth Management lifted its stake in Texas Pacific Land by 66.7% in the 1st quarter. Hemington Wealth Management now owns 20 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 8 shares in the last quarter. Golden State Wealth Management LLC grew its stake in shares of Texas Pacific Land by 110.0% during 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 in the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of Texas Pacific Land in the first quarter valued at approximately $28,000. Allworth Financial LP lifted its position in shares of Texas Pacific Land by 42.1% in the first quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock worth $36,000 after purchasing an additional 8 shares in the last quarter. Finally, GW&K Investment Management LLC boosted its holdings in Texas Pacific Land by 237.5% during the first quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock worth $36,000 after purchasing an additional 19 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Eric L. Oliver purchased 100 shares of the stock in a transaction on Thursday, August 21st. The shares were purchased at an average price of $881.27 per share, with a total value of $88,127.00. Following the transaction, the director directly owned 393,600 shares of the company's stock, valued at $346,867,872. This trade represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders purchased 210 shares of company stock valued at $190,205 in the last ninety days. 6.50% of the stock is owned by company insiders.

Texas Pacific Land Stock Performance

Texas Pacific Land stock traded up $5.12 during mid-day trading on Monday, reaching $880.22. The company's stock had a trading volume of 153,431 shares, compared to its average volume of 134,272. Texas Pacific Land Corporation has a 12 month low of $845.56 and a 12 month high of $1,769.14. The business's 50 day simple moving average is $926.46 and its 200 day simple moving average is $1,121.06. The company has a market capitalization of $20.24 billion, a price-to-earnings ratio of 43.88 and a beta of 1.19.

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

Texas Pacific Land Dividend Announcement

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

Texas Pacific Land Profile

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.