Royal Bank of Canada Grows Position in Texas Pacific Land Corporation $TPL

Key Points

• Royal Bank of Canada increased its stake in Texas Pacific Land Corporation by 40.5% in the first quarter, bringing its total shares to 24,487 valued at about $32.4 million.
• Texas Pacific Land Corporation reported quarterly earnings of $5.05 per share, which was below analysts' expectations of $5.48, with revenues of $187.54 million falling short of the anticipated $198 million.
• The company also declared a quarterly dividend of $1.60 per share to be paid on September 16, representing an annualized yield of 0.7%.

Royal Bank of Canada increased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 40.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,487 shares of the financial services provider's stock after buying an additional 7,060 shares during the period. Royal Bank of Canada owned about 0.11% of Texas Pacific Land worth $32,446,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Riversedge Advisors LLC lifted its position in shares of Texas Pacific Land by 2.2% in the 1st quarter. Riversedge Advisors LLC now owns 370 shares of the financial services provider's stock worth $490,000 after purchasing an additional 8 shares during the period. Allworth Financial LP lifted its position in shares of Texas Pacific Land by 42.1% in the 1st quarter. Allworth Financial LP now owns 27 shares of the financial services provider's stock worth $36,000 after purchasing an additional 8 shares during the period. Hemington Wealth Management lifted its position in shares of Texas Pacific Land by 66.7% during 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 during the period. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Texas Pacific Land by 13.0% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 78 shares of the financial services provider's stock valued at $103,000 after acquiring an additional 9 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Texas Pacific Land by 0.4% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 2,093 shares of the financial services provider's stock valued at $2,773,000 after acquiring an additional 9 shares during the period. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock traded up $6.22 during trading on Friday, reaching $945.21. 19,544 shares of the company traded hands, compared to its average volume of 136,780. Texas Pacific Land Corporation has a 1-year low of $801.40 and a 1-year high of $1,769.14. The company has a 50 day moving average price of $945.51 and a 200-day moving average price of $1,145.70. The firm has a market capitalization of $21.73 billion, a PE ratio of 47.14 and a beta of 1.19.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $187.54 million during the quarter, compared to the consensus estimate 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. Investors of record on Tuesday, September 2nd will be given a dividend of $1.60 per share. 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 dividend payout ratio is presently 31.90%.

Insiders Place Their Bets

In related news, Director Eric L. Oliver purchased 100 shares of Texas Pacific Land stock in a transaction that occurred on Thursday, August 21st. The stock was bought at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the completion of the transaction, the director owned 393,600 shares in the company, valued at $346,867,872. This represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 250 shares of company stock worth $233,885 in the last three months. 6.50% of the stock is currently owned by corporate insiders.

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.