Rafferty Asset Management LLC Lowers Stake in Texas Pacific Land Corporation $TPL

Key Points

• Rafferty Asset Management LLC has reduced its stake in Texas Pacific Land Corporation by 20.1%, selling 1,948 shares and leaving it with 7,746 shares valued at approximately $10.26 million.
• Several hedge funds, including Coldstream Capital Management and Northern Trust Corp, have recently increased their holdings in Texas Pacific Land, with 59.94% of the stock currently owned by institutional investors.
• Texas Pacific Land Corporation declared a $1.60 quarterly dividend to be paid in September, resulting in an annualized dividend yield of 0.7% and a payout ratio of 31.90%.

Rafferty Asset Management LLC lessened its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 20.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,746 shares of the financial services provider's stock after selling 1,948 shares during the period. Rafferty Asset Management LLC's holdings in Texas Pacific Land were worth $10,263,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Corebridge Financial Inc. boosted its stake in Texas Pacific Land by 21.8% during the first quarter. Corebridge Financial Inc. now owns 6,076 shares of the financial services provider's stock worth $8,051,000 after buying an additional 1,086 shares during the period. ICONIQ Capital LLC purchased a new position in Texas Pacific Land during the first quarter worth $254,000. Jump Financial LLC boosted its stake in Texas Pacific Land by 151.6% during the first quarter. Jump Financial LLC now owns 561 shares of the financial services provider's stock worth $743,000 after buying an additional 338 shares during the period. SVB Wealth LLC purchased a new position in Texas Pacific Land during the first quarter worth $61,000. Finally, Resolute Capital Asset Partners LLC purchased a new position in Texas Pacific Land during the first quarter worth $994,000. Institutional investors own 59.94% of the company's stock.

Insider Activity

In related news, Director Eric L. Oliver bought 100 shares of the stock in a transaction dated Thursday, August 21st. The stock was purchased at an average cost of $881.27 per share, with a total value of $88,127.00. Following the completion of the purchase, the director owned 393,600 shares of the company's stock, valued at $346,867,872. This trade represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have acquired 310 shares of company stock worth $301,078 over the last ninety days. 6.50% of the stock is currently owned by insiders.

Texas Pacific Land Stock Performance

NYSE TPL traded up $13.32 on Friday, hitting $935.21. 106,692 shares of the stock were exchanged, compared to its average volume of 144,801. The stock has a fifty day moving average price of $970.55 and a two-hundred day moving average price of $1,172.47. The firm 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 52-week low of $766.51 and a 52-week high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $5.05 EPS for the quarter, missing the consensus estimate of $5.48 by ($0.43). The firm had revenue of $187.54 million for the quarter, compared to analysts' expectations 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 2nd. 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.