Resolute Capital Asset Partners LLC Makes New $994,000 Investment in Texas Pacific Land Corporation $TPL

Key Points

• Resolute Capital Asset Partners LLC has made a new investment of approximately $994,000 in Texas Pacific Land Corporation, acquiring 750 shares of the company's stock.
• A group of hedge funds has increased their stakes in Texas Pacific Land, with notable increases from Sax Wealth Advisors LLC (16.8%) and Allstate Corp (11.6%) during the first quarter.
• Texas Pacific Land recently announced a quarterly dividend of $1.60, which will be paid on September 16, 2023, reflecting an annualized yield of 0.7%.

Resolute Capital Asset Partners LLC bought a new position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 750 shares of the financial services provider's stock, valued at approximately $994,000.

A number of other hedge funds have also recently modified their holdings of the business. Sax Wealth Advisors LLC grew its position in shares of Texas Pacific Land by 16.8% during the 1st quarter. Sax Wealth Advisors LLC now owns 319 shares of the financial services provider's stock valued at $423,000 after acquiring an additional 46 shares during the period. Allstate Corp lifted its stake in shares of Texas Pacific Land by 11.6% during the 1st quarter. Allstate Corp now owns 636 shares of the financial services provider's stock valued at $843,000 after buying an additional 66 shares in the last quarter. Kestra Advisory Services LLC lifted its stake in shares of Texas Pacific Land by 8.0% during the 1st quarter. Kestra Advisory Services LLC now owns 4,205 shares of the financial services provider's stock valued at $5,572,000 after buying an additional 313 shares in the last quarter. Sprott Inc. lifted its stake in shares of Texas Pacific Land by 2.2% during the 1st quarter. Sprott Inc. now owns 8,261 shares of the financial services provider's stock valued at $10,946,000 after buying an additional 181 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its stake in shares of Texas Pacific Land by 17.7% during the 1st quarter. 1832 Asset Management L.P. now owns 2,121 shares of the financial services provider's stock valued at $2,810,000 after buying an additional 319 shares in the last quarter. Institutional investors own 59.94% of the company's stock.

Insider Buying and Selling

In related news, Director Eric L. Oliver purchased 100 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were acquired at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the purchase, the director directly owned 393,600 shares in the company, valued at $346,867,872. This trade represents a 0.03% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have acquired 330 shares of company stock valued at $326,165. 6.50% of the stock is owned by insiders.

Texas Pacific Land Stock Performance

TPL opened at $909.2570 on Friday. 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 $987.42 and its 200 day moving average is $1,189.10. The stock has a market cap of $20.90 billion, a price-to-earnings ratio of 45.33 and a beta of 1.14.

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 for the quarter, missing analysts' consensus estimates of $5.48 by ($0.43). Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%. The firm had revenue of $187.54 million for the quarter, compared to analysts' expectations of $198.00 million.

Texas Pacific Land Announces Dividend

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

Texas Pacific Land Company 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.

Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL - Free Report).

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.