Wedmont Private Capital Buys Shares of 208 Texas Pacific Land Co. (NYSE:TPL)

Wedmont Private Capital purchased a new position in shares of Texas Pacific Land Co. (NYSE:TPL) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 208 shares of the financial services provider’s stock, valued at approximately $184,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Texas Pacific Land by 199.8% in the first quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock valued at $1,099,867,000 after acquiring an additional 1,267,123 shares during the last quarter. Magnolia Capital Advisors LLC acquired a new stake in shares of Texas Pacific Land during the second quarter worth $131,014,000. Bank of New York Mellon Corp increased its holdings in Texas Pacific Land by 74.2% in the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock valued at $149,920,000 after purchasing an additional 86,975 shares during the last quarter. Mad River Investors lifted its stake in Texas Pacific Land by 199.2% in the first quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock valued at $57,921,000 after buying an additional 66,663 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Texas Pacific Land by 1,541.2% during the second quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider’s stock worth $47,228,000 after buying an additional 60,400 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. StockNews.com downgraded shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. BWS Financial reissued a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a research report on Monday, August 12th.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $1,058.42 on Monday. Texas Pacific Land Co. has a 1 year low of $467.62 and a 1 year high of $1,070.23. The company has a market capitalization of $24.32 billion, a P/E ratio of 54.45 and a beta of 1.60. The business has a 50-day moving average of $866.85 and a two-hundred day moving average of $741.53.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing the consensus estimate of $5.36 by ($0.38). The company had revenue of $172.33 million for the quarter, compared to analyst estimates of $182.35 million. Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. During the same quarter last year, the business posted $4.35 earnings per share.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a $1.17 dividend. This represents a $4.68 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend was Tuesday, September 3rd. Texas Pacific Land’s payout ratio is presently 24.07%.

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.