Texas Pacific Land Corporation $TPL Shares Sold by EP Wealth Advisors LLC

Key Points

• EP Wealth Advisors LLC reduced its stake in Texas Pacific Land Corporation by 58.9% during the first quarter, now holding 580 shares worth approximately $768,000.
• Insider transactions revealed that Director Eric L. Oliver bought 100 shares at an average price of $881.27 per share, increasing his total ownership to 393,600 shares.
• Texas Pacific Land's stock is currently trading down 4.1%, with a 12-month range between $766.51 and $1,769.14, and a recent earnings report showed lower than expected revenue.

EP Wealth Advisors LLC trimmed its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 58.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 580 shares of the financial services provider's stock after selling 832 shares during the quarter. EP Wealth Advisors LLC's holdings in Texas Pacific Land were worth $768,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TPL. Hemington Wealth Management raised its position in Texas Pacific Land by 66.7% during the first quarter. Hemington Wealth Management now owns 20 shares of the financial services provider's stock worth $26,000 after acquiring an additional 8 shares during the period. Golden State Wealth Management LLC grew its position in shares of Texas Pacific Land by 110.0% in the first quarter. Golden State Wealth Management LLC now owns 21 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 11 shares during the period. Zions Bancorporation National Association UT purchased a new stake in shares of Texas Pacific Land during the first quarter worth about $28,000. Allworth Financial LP raised its position in shares of Texas Pacific Land by 42.1% during 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 last quarter. Finally, GW&K Investment Management LLC raised its position in shares of Texas Pacific Land by 237.5% during the 1st quarter. GW&K Investment Management LLC now owns 27 shares of the financial services provider's stock worth $36,000 after purchasing an additional 19 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, Director Eric L. Oliver bought 100 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was acquired 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 $346,867,872. This represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have acquired 280 shares of company stock worth $267,306. Insiders own 6.50% of the company's stock.

Texas Pacific Land Trading Down 4.1%

TPL stock opened at $891.15 on Friday. Texas Pacific Land Corporation has a 12-month low of $766.51 and a 12-month high of $1,769.14. The business's 50-day moving average is $957.19 and its 200 day moving average is $1,158.11. The stock has a market cap of $20.48 billion, a price-to-earnings ratio of 44.42 and a beta of 1.19.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced 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 for the quarter, compared to analyst estimates 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be issued a $1.60 dividend. 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 dividend payout ratio (DPR) is presently 31.90%.

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.

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