Trueblood Wealth Management LLC Purchases New Position in Texas Pacific Land Co. (NYSE:TPL)

Trueblood Wealth Management LLC acquired a new position in shares of Texas Pacific Land Co. (NYSE:TPL) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 252 shares of the financial services provider’s stock, valued at approximately $223,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Texas Pacific Land by 199.8% during 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 buying an additional 1,267,123 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Texas Pacific Land by 74.2% in the 2nd 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 in the last quarter. Magnolia Capital Advisors LLC acquired a new position in Texas Pacific Land in the 2nd quarter worth about $131,014,000. Dimensional Fund Advisors LP boosted its position in Texas Pacific Land by 8.5% during the second quarter. Dimensional Fund Advisors LP now owns 126,156 shares of the financial services provider’s stock worth $92,632,000 after purchasing an additional 9,878 shares in the last quarter. Finally, Mad River Investors grew its holdings 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 purchasing an additional 66,663 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analysts Set New Price Targets

Separately, BWS Financial reaffirmed a “buy” rating and set a $917.00 target price on shares of Texas Pacific Land in a research note on Monday, August 12th.

Texas Pacific Land Trading Up 0.7 %

TPL stock opened at $1,098.01 on Friday. Texas Pacific Land Co. has a 12-month low of $467.62 and a 12-month high of $1,106.87. The business’s 50-day moving average is $919.63 and its 200 day moving average is $774.52. The stock has a market cap of $25.23 billion, a price-to-earnings ratio of 56.48 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last issued its quarterly 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 firm had revenue of $172.33 million for the quarter, compared to analysts’ expectations 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 in the previous year, the firm posted $4.35 earnings per share.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a $1.17 dividend. This represents a $4.68 annualized dividend and a dividend yield of 0.43%. The ex-dividend date was Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio is currently 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.