Texas Pacific Land Corporation (NYSE:TPL) Shares Sold by True North Advisors LLC

Key Points

• True North Advisors LLC reduced its stake in Texas Pacific Land Corporation by 13.6%, owning 3,514 shares worth approximately $4.66 million.
• Texas Pacific Land reported quarterly earnings of $5.05 per share, missing estimates by $0.43, with revenues of $187.54 million.
• The company announced a quarterly dividend of $1.60 per share, with an annualized yield of 0.7%, set to be paid on September 16th.

True North Advisors LLC cut its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 13.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,514 shares of the financial services provider's stock after selling 555 shares during the quarter. Texas Pacific Land makes up approximately 0.8% of True North Advisors LLC's holdings, making the stock its 23rd biggest holding. True North Advisors LLC's holdings in Texas Pacific Land were worth $4,656,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Townsquare Capital LLC increased its holdings in Texas Pacific Land by 27.2% during the first quarter. Townsquare Capital LLC now owns 547 shares of the financial services provider's stock valued at $725,000 after buying an additional 117 shares during the period. Zions Bancorporation National Association UT purchased a new position in Texas Pacific Land during the first quarter valued at approximately $28,000. Citigroup Inc. increased its holdings in Texas Pacific Land by 10.1% during the first quarter. Citigroup Inc. now owns 17,369 shares of the financial services provider's stock valued at $23,014,000 after buying an additional 1,589 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Texas Pacific Land by 17.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 34,622 shares of the financial services provider's stock valued at $45,874,000 after buying an additional 5,123 shares during the period. Finally, Ontario Teachers Pension Plan Board purchased a new position in Texas Pacific Land during the first quarter valued at approximately $1,904,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Down 0.8%

TPL stock traded down $7.19 during trading on Monday, hitting $854.91. 129,003 shares of the company's stock traded hands, compared to its average volume of 170,646. The firm has a market capitalization of $19.65 billion, a P/E ratio of 42.62 and a beta of 1.14. Texas Pacific Land Corporation has a 1 year low of $766.51 and a 1 year high of $1,769.14. The business has a fifty day simple moving average of $1,026.45 and a two-hundred day simple moving average of $1,213.16.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced 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 net margin of 62.16% and a return on equity of 39.47%. The firm had revenue of $187.54 million during the quarter, compared to analyst estimates of $198.00 million.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be given a dividend of $1.60 per share. 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 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.