Texas Pacific Land Corporation $TPL Shares Acquired by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Texas Pacific Land by 12.8%, owning approximately 12,738 shares valued at about $13.7 million by the end of the last reporting period.
• Texas Pacific Land's stock experienced a decline of 4.3%, with the current share price at $873.62, significantly lower than its fifty-two week high of $1,769.14.
• The company recently announced a quarterly dividend of $1.60, translating to an annual yield of 0.7%, maintaining a payout ratio of 31.90%.

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 12.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,738 shares of the financial services provider's stock after buying an additional 1,444 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.06% of Texas Pacific Land worth $13,705,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Toronto Dominion Bank grew its position in shares of Texas Pacific Land by 173.6% during the fourth quarter. Toronto Dominion Bank now owns 6,364 shares of the financial services provider's stock worth $7,038,000 after buying an additional 4,038 shares in the last quarter. Spring Capital Management LLC purchased a new stake in Texas Pacific Land during the first quarter worth approximately $5,008,000. AustralianSuper Pty Ltd lifted its stake in Texas Pacific Land by 4.8% during the first quarter. AustralianSuper Pty Ltd now owns 8,591 shares of the financial services provider's stock worth $11,383,000 after purchasing an additional 391 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in Texas Pacific Land by 110.0% during the first quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock worth $28,000 after purchasing an additional 11 shares during the last quarter. Finally, Bessemer Group Inc. lifted its stake in Texas Pacific Land by 320.0% during the first quarter. Bessemer Group Inc. now owns 105 shares of the financial services provider's stock worth $139,000 after purchasing an additional 80 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Stock Down 4.3%

TPL stock opened at $873.62 on Monday. The business has a 50 day moving average price of $929.60 and a 200 day moving average price of $1,124.53. The stock has a market cap of $20.08 billion, a price-to-earnings ratio of 43.55 and a beta of 1.19. Texas Pacific Land Corporation has a fifty-two week low of $845.56 and a fifty-two week high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $5.05 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $187.54 million for the quarter, compared to analysts' expectations of $198.00 million.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were paid a $1.60 dividend. The ex-dividend date was 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%.

Insiders Place Their Bets

In other news, Director Eric L. Oliver acquired 100 shares of Texas Pacific Land stock in a transaction 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 purchase, 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 purchased a total of 210 shares of company stock valued at $190,205 in the last three months. 6.50% of the stock is currently owned by insiders.

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.

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