Summit Street Capital Management LLC Cuts Stock Holdings in Texas Pacific Land Co. (NYSE:TPL)

Summit Street Capital Management LLC lessened its holdings in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) by 15.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,123 shares of the financial services provider's stock after selling 1,974 shares during the quarter. Texas Pacific Land comprises 4.4% of Summit Street Capital Management LLC's investment portfolio, making the stock its 3rd largest position. Summit Street Capital Management LLC's holdings in Texas Pacific Land were worth $12,302,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in Texas Pacific Land by 19.9% in the fourth 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 in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Texas Pacific Land by 12.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,502 shares of the financial services provider's stock worth $18,251,000 after acquiring an additional 1,891 shares during the period. Fisher Asset Management LLC bought a new position in shares of Texas Pacific Land in the fourth quarter worth about $380,000. Atria Wealth Solutions Inc. boosted its stake in Texas Pacific Land by 64.7% during the fourth quarter. Atria Wealth Solutions Inc. now owns 1,069 shares of the financial services provider's stock valued at $1,182,000 after buying an additional 420 shares during the last quarter. Finally, New York Life Investment Management LLC bought a new stake in shares of Texas Pacific Land in the 4th quarter valued at approximately $2,796,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 214 shares of the business's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the sale, the chief financial officer now directly owns 3,502 shares in the company, valued at approximately $4,601,592.98. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Micheal W. Dobbs sold 1,150 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the sale, the vice president now owns 1,393 shares of the company's stock, valued at $1,771,227.36. This represents a 45.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have acquired a total of 132 shares of company stock worth $175,331 in the last ninety days. 6.50% of the stock is owned by corporate insiders.

Texas Pacific Land Trading Down 1.0%

Shares of NYSE TPL traded down $14.11 during midday trading on Wednesday, hitting $1,356.60. The company's stock had a trading volume of 105,850 shares, compared to its average volume of 157,053. The business's 50 day moving average is $1,307.61 and its two-hundred day moving average is $1,325.11. The firm has a market cap of $31.18 billion, a P/E ratio of 68.79 and a beta of 1.20. Texas Pacific Land Co. has a 12-month low of $578.56 and a 12-month high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its 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). The firm had revenue of $195.98 million during the quarter, compared to analysts' expectations of $211.00 million. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Monday, June 2nd. Texas Pacific Land's dividend payout ratio is presently 32.02%.

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.