1832 Asset Management L.P. Raises Position in Texas Pacific Land Corporation $TPL

Key Points

• 1832 Asset Management L.P. increased its holdings in Texas Pacific Land Corporation by 17.7%, owning 2,121 shares worth approximately $2.81 million following the purchase of 319 additional shares.
• Several institutional investors saw significant increases in their stakes in Texas Pacific Land, with notable boosts from Hemington Wealth Management (66.7%) and GW&K Investment Management (237.5%) in the 1st quarter of 2023.
• Texas Pacific Land Corporation announced a quarterly dividend of $1.60, with a 0.7% yield, scheduled for payment on September 16 to investors of record as of September 2.

1832 Asset Management L.P. grew its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 17.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,121 shares of the financial services provider's stock after acquiring an additional 319 shares during the quarter. 1832 Asset Management L.P.'s holdings in Texas Pacific Land were worth $2,810,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Texas Pacific Land by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider's stock valued at $3,267,588,000 after purchasing an additional 115,743 shares during the period. GAMMA Investing LLC increased its position in shares of 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 valued at $479,278,000 after purchasing an additional 361,572 shares during the last quarter. Northern Trust Corp increased its position in shares of Texas Pacific Land by 21.8% during the 4th quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider's stock valued at $248,584,000 after purchasing an additional 40,185 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. Finally, 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. Institutional investors own 59.94% of the company's stock.

Insider Activity at Texas Pacific Land

In other news, Director Eric L. Oliver acquired 100 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was bought at an average price of $881.27 per share, with a total value of $88,127.00. Following the completion of the acquisition, the director directly owned 393,600 shares of the company's stock, valued at approximately $346,867,872. The trade was a 0.03% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired a total of 310 shares of company stock valued at $301,078 over the last three months. Insiders own 6.50% of the company's stock.

Texas Pacific Land Trading Up 1.4%

Shares of TPL stock traded up $13.32 during trading hours on Friday, reaching $935.21. The company's stock had a trading volume of 106,692 shares, compared to its average volume of 144,801. The stock has a market capitalization of $21.50 billion, a P/E ratio of 46.62 and a beta of 1.14. Texas Pacific Land Corporation has a one year low of $766.51 and a one year high of $1,769.14. The firm's fifty day simple moving average is $970.55 and its 200 day simple moving average is $1,172.47.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $5.05 EPS for the quarter, missing analysts' consensus estimates of $5.48 by ($0.43). The firm had revenue of $187.54 million during the quarter, compared to analysts' expectations of $198.00 million. Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders 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 dividend yield of 0.7%. Texas Pacific Land's payout ratio is currently 31.90%.

About Texas Pacific Land

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.