Litman Gregory Wealth Management LLC Trims Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Litman Gregory Wealth Management LLC reduced its holdings in Texas Pacific Land Corporation by 50.9%, leaving the firm with 530 shares valued at $560,000.
• Despite the cut in holdings, institutional investors own approximately 59.94% of Texas Pacific Land's stock, with several firms increasing their stakes significantly in recent months.
• Texas Pacific Land recently reported earnings of $5.05 per share, missing the consensus estimate, and declared a quarterly dividend of $1.60, yielding 0.7% annually.

Litman Gregory Wealth Management LLC lowered its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 50.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 530 shares of the financial services provider's stock after selling 550 shares during the period. Litman Gregory Wealth Management LLC's holdings in Texas Pacific Land were worth $560,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of TPL. AustralianSuper Pty Ltd raised its holdings in Texas Pacific Land by 4.8% during the 1st quarter. AustralianSuper Pty Ltd now owns 8,591 shares of the financial services provider's stock valued at $11,383,000 after acquiring an additional 391 shares during the period. Bessemer Group Inc. raised its stake in shares of Texas Pacific Land by 320.0% during the 1st quarter. Bessemer Group Inc. now owns 105 shares of the financial services provider's stock valued at $139,000 after purchasing an additional 80 shares during the period. Golden State Wealth Management LLC raised 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 valued at $28,000 after purchasing an additional 11 shares during the period. Harvest Fund Management Co. Ltd lifted its holdings in Texas Pacific Land by 338.3% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 526 shares of the financial services provider's stock worth $696,000 after purchasing an additional 406 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Texas Pacific Land during the first quarter valued at about $4,368,000. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Trading Down 2.3%

Shares of Texas Pacific Land stock opened at $945.95 on Monday. The firm has a market capitalization of $21.74 billion, a PE ratio of 47.16 and a beta of 1.12. 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 moving average price is $921.00 and its 200-day moving average price is $1,096.27.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued 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 firm had revenue of $187.54 million during the quarter, compared to analysts' expectations 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were paid a $1.60 dividend. 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 payout ratio is currently 31.90%.

Insiders Place Their Bets

In related news, Director Eric L. Oliver acquired 100 shares of Texas Pacific Land stock in a transaction dated Thursday, August 21st. The shares were purchased at an average cost of $881.27 per share, with a total value of $88,127.00. Following the completion of the purchase, the director owned 393,600 shares of the company's stock, valued at $346,867,872. This represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Saturday, September 27th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of "Hold".

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.