Royal Bank of Canada Buys 7,060 Shares of 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 grew its holdings in 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 SEC. The fund owned 24,487 shares of the financial services provider's stock after purchasing an additional 7,060 shares during the period. Royal Bank of Canada owned approximately 0.11% of Texas Pacific Land worth $32,446,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Texas Pacific Land by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider's stock worth $3,267,588,000 after acquiring an additional 115,743 shares during the last quarter. GAMMA Investing LLC grew its position in Texas Pacific Land by 241,048.0% during the 1st quarter. GAMMA Investing LLC now owns 361,722 shares of the financial services provider's stock worth $479,278,000 after acquiring an additional 361,572 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Texas Pacific Land by 2.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 183,485 shares of the financial services provider's stock worth $243,116,000 after acquiring an additional 3,850 shares during the last quarter. Schwartz Investment Counsel Inc. grew its position in Texas Pacific Land by 0.4% during the 1st quarter. Schwartz Investment Counsel Inc. now owns 150,823 shares of the financial services provider's stock worth $199,839,000 after acquiring an additional 642 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Texas Pacific Land by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,347 shares of the financial services provider's stock worth $167,386,000 after acquiring an additional 2,623 shares during the last quarter. Institutional investors own 59.94% of the company's stock.

Insider Activity at Texas Pacific Land

In related news, Director Eric L. Oliver purchased 100 shares of Texas Pacific Land stock in a transaction on Thursday, August 21st. The shares were purchased at an average price of $881.27 per share, for a total transaction of $88,127.00. Following the transaction, the director owned 393,600 shares of the company's stock, valued at approximately $346,867,872. This represents a 0.03% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders bought 250 shares of company stock valued at $233,885. Insiders own 6.50% of the company's stock.

Texas Pacific Land Price Performance

TPL stock traded down $2.01 during midday trading on Friday, reaching $936.99. 108,943 shares of the stock were exchanged, compared to its average volume of 119,753. The stock has a market capitalization of $21.54 billion, a PE ratio of 46.71 and a beta of 1.19. Texas Pacific Land Corporation has a 52 week low of $801.40 and a 52 week high of $1,769.14. The company has a fifty day moving average price of $942.73 and a 200 day moving average price of $1,143.27.

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 for the quarter, missing analysts' consensus estimates of $5.48 by ($0.43). The firm had revenue of $187.54 million for the quarter, compared to the consensus estimate 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 company also recently disclosed 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 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land's payout ratio is currently 31.90%.

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.