Rafferty Asset Management LLC Sells 1,948 Shares of 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 cut its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 20.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of TPL. Coldstream Capital Management Inc. boosted its stake in shares of Texas Pacific Land by 26.5% in the 4th quarter. Coldstream Capital Management Inc. now owns 301 shares of the financial services provider's stock worth $333,000 after buying an additional 63 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Texas Pacific Land in the 4th quarter worth $502,000. Beacon Pointe Advisors LLC boosted its stake in shares of Texas Pacific Land by 10.0% in the 4th quarter. Beacon Pointe Advisors LLC now owns 4,554 shares of the financial services provider's stock worth $5,036,000 after buying an additional 415 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Texas Pacific Land by 21.8% in the 4th quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider's stock worth $248,584,000 after buying an additional 40,185 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in Texas Pacific Land by 4.7% during the fourth quarter. AQR Capital Management LLC now owns 76,119 shares of the financial services provider's stock valued at $84,185,000 after buying an additional 3,432 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Texas Pacific Land news, Director Eric L. Oliver acquired 100 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was purchased at an average price of $881.27 per share, with a total value of $88,127.00. Following the transaction, the director directly owned 393,600 shares in the company, valued at approximately $346,867,872. The trade was a 0.03% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have acquired 290 shares of company stock worth $278,442. Insiders own 6.50% of the company's stock.

Texas Pacific Land Trading Up 0.9%

Shares of TPL stock opened at $941.63 on Wednesday. Texas Pacific Land Corporation has a 12 month low of $766.51 and a 12 month high of $1,769.14. The stock has a market cap of $21.65 billion, a P/E ratio of 46.94 and a beta of 1.19. The company has a 50 day simple moving average of $965.91 and a two-hundred day simple moving average of $1,166.57.

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

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land's payout ratio is presently 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.