Moors & Cabot Inc. Has $78.32 Million Holdings in Texas Pacific Land Corporation (NYSE:TPL)

Key Points

• Moors & Cabot Inc. reduced its stake in Texas Pacific Land Corporation by 21.2%, now holding approximately 59,108 shares worth $78.32 million, which represents 4.0% of its investment portfolio.
• Texas Pacific Land reported a quarterly EPS of $5.24, missing analysts' estimates of $5.27, and had revenue of $195.98 million compared to expected $211 million.
• The company announced a quarterly dividend of $1.60, with an annualized yield of 0.7% and a dividend payout ratio of 32.02%.

Moors & Cabot Inc. lowered its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 21.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,108 shares of the financial services provider's stock after selling 15,868 shares during the quarter. Texas Pacific Land comprises approximately 4.0% of Moors & Cabot Inc.'s investment portfolio, making the stock its 3rd biggest position. Moors & Cabot Inc. owned about 0.26% of Texas Pacific Land worth $78,318,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TPL. Teacher Retirement System of Texas acquired a new stake in Texas Pacific Land during the fourth quarter worth about $202,000. JPMorgan Chase & Co. lifted its holdings in shares of Texas Pacific Land by 19.9% during the 4th quarter. JPMorgan Chase & Co. now owns 40,670 shares of the financial services provider's stock worth $44,979,000 after acquiring an additional 6,747 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Texas Pacific Land by 16.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 7,652 shares of the financial services provider's stock worth $8,463,000 after acquiring an additional 1,109 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Texas Pacific Land by 12,261.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 31,152 shares of the financial services provider's stock valued at $34,453,000 after acquiring an additional 30,900 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in Texas Pacific Land by 12.3% in the fourth quarter. Schroder Investment Management Group now owns 4,655 shares of the financial services provider's stock valued at $5,155,000 after acquiring an additional 509 shares during the last quarter. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

NYSE TPL opened at $967.64 on Friday. The business has a fifty day moving average price of $1,067.53 and a two-hundred day moving average price of $1,238.69. Texas Pacific Land Corporation has a fifty-two week low of $736.75 and a fifty-two week high of $1,769.14. The stock has a market capitalization of $22.25 billion, a PE ratio of 48.41 and a beta of 1.08.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.24 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 business had revenue of $195.98 million for the quarter, compared to analyst estimates of $211.00 million.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued 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 dividend yield of 0.7%. Texas Pacific Land's dividend payout ratio is 32.02%.

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.

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