Ieq Capital LLC Acquires 3,103 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Ieq Capital LLC significantly increased its holdings in Texas Pacific Land Corporation by 1,287.6%, owning 3,344 shares valued at approximately $4.43 million as of its latest SEC filing.
• The company reported earnings of $5.05 per share for the latest quarter, missing estimates, with a revenue of $187.54 million compared to analyst projections of $198 million.
• Texas Pacific Land recently declared a $1.60 quarterly dividend, representing a 0.7% dividend yield and a payout ratio of 31.90%.

Ieq Capital LLC raised its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 1,287.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,344 shares of the financial services provider's stock after buying an additional 3,103 shares during the quarter. Ieq Capital LLC's holdings in Texas Pacific Land were worth $4,431,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TPL. Hemington Wealth Management grew its holdings 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 buying an additional 8 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in 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 valued at $28,000 after buying an additional 11 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in Texas Pacific Land in the 1st quarter valued at $28,000. Allworth Financial LP grew its holdings in Texas Pacific Land by 42.1% in the 1st quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock valued at $36,000 after buying an additional 8 shares in the last quarter. Finally, GW&K Investment Management LLC grew its holdings in Texas Pacific Land by 237.5% in the 1st quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock valued at $36,000 after buying an additional 19 shares in the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Stock Down 3.4%

Shares of TPL traded down $31.72 during trading hours on Wednesday, hitting $910.60. 69,427 shares of the company were exchanged, compared to its average volume of 138,168. The company has a market cap of $20.93 billion, a price-to-earnings ratio of 45.40 and a beta of 1.19. Texas Pacific Land Corporation has a fifty-two week low of $766.51 and a fifty-two week high of $1,769.14. The firm's fifty day moving average is $965.91 and its 200 day moving average is $1,166.57.

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

Texas Pacific Land Dividend Announcement

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

Insider Activity

In related news, Director Eric L. Oliver bought 100 shares of Texas Pacific Land stock in a transaction dated Thursday, August 21st. The shares were bought at an average cost of $881.27 per share, with a total value of $88,127.00. Following the acquisition, the director owned 393,600 shares in the company, valued at $346,867,872. This trade represents a 0.03% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last quarter, insiders acquired 290 shares of company stock worth $278,442. Corporate insiders own 6.50% of the company's stock.

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.