Texas Pacific Land Co. (NYSE:TPL) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 1.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,954 shares of the financial services provider’s stock after selling 136 shares during the period. Envestnet Asset Management Inc.’s holdings in Texas Pacific Land were worth $7,309,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Thoroughbred Financial Services LLC acquired a new position in shares of Texas Pacific Land during the second quarter worth $352,000. Federated Hermes Inc. bought a new stake in shares of Texas Pacific Land in the second quarter worth $1,466,000. WPWealth LLP bought a new stake in shares of Texas Pacific Land in the second quarter worth $200,000. DekaBank Deutsche Girozentrale increased its stake in shares of Texas Pacific Land by 12.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,137 shares of the financial services provider’s stock worth $831,000 after buying an additional 129 shares during the last quarter. Finally, BOKF NA increased its stake in shares of Texas Pacific Land by 1.1% in the second quarter. BOKF NA now owns 1,571 shares of the financial services provider’s stock worth $1,154,000 after buying an additional 17 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Texas Pacific Land Price Performance

TPL stock opened at $887.08 on Friday. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $959.50. The firm has a fifty day moving average price of $835.81 and a two-hundred day moving average price of $711.75. The firm has a market cap of $20.39 billion, a price-to-earnings ratio of 47.16 and a beta of 1.60.

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

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $1.17 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $4.68 annualized dividend and a dividend yield of 0.53%. Texas Pacific Land’s dividend payout ratio is currently 24.88%.

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.