River Road Asset Management LLC lessened its stake in shares of Texas Pacific Land Co. (NYSE:TPL) by 8.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,940 shares of the financial services provider’s stock after selling 271 shares during the period. River Road Asset Management LLC’s holdings in Texas Pacific Land were worth $4,703,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Morgan Stanley raised its position in shares of Texas Pacific Land by 52.0% during the 1st quarter. Morgan Stanley now owns 381,719 shares of the financial services provider’s stock worth $606,717,000 after purchasing an additional 130,658 shares during the last quarter. BlackRock Inc. raised its position in shares of Texas Pacific Land by 1,300.4% during the 1st quarter. BlackRock Inc. now owns 160,292 shares of the financial services provider’s stock worth $254,774,000 after purchasing an additional 148,846 shares during the last quarter. First Manhattan Co. raised its holdings in Texas Pacific Land by 0.3% in the 1st quarter. First Manhattan Co. now owns 149,883 shares of the financial services provider’s stock valued at $238,229,000 after acquiring an additional 483 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Texas Pacific Land by 0.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 85,608 shares of the financial services provider’s stock valued at $136,068,000 after acquiring an additional 284 shares during the last quarter. Finally, Geode Capital Management LLC acquired a new stake in Texas Pacific Land in the 1st quarter valued at about $96,473,000. Hedge funds and other institutional investors own 56.50% of the company’s stock.
Shares of Texas Pacific Land stock traded down $6.65 during trading hours on Wednesday, hitting $1,208.44. The company’s stock had a trading volume of 1 shares, compared to its average volume of 51,065. Texas Pacific Land Co. has a twelve month low of $427.69 and a twelve month high of $1,773.95. The firm has a fifty day moving average of $1,415.45 and a 200-day moving average of $1,490.08. The stock has a market cap of $9.37 billion, a price-to-earnings ratio of 47.56 and a beta of 2.20.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 15th. Shareholders of record on Wednesday, September 8th will be issued a dividend of $2.75 per share. The ex-dividend date is Tuesday, September 7th. This represents a $11.00 annualized dividend and a yield of 0.91%. Texas Pacific Land’s dividend payout ratio (DPR) is 48.46%.
Separately, Zacks Investment Research lowered Texas Pacific Land from a “hold” rating to a “sell” rating in a research report on Saturday.
Texas Pacific Land Profile
Texas Pacific Land Corp. operates as a landowner in the State of Texas. Its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of the firm’s land, revenue for sales of materials used in the construction of infrastructure, providing sourced water and treated produced water, revenue from its oil and gas royalty interests, and revenues related to saltwater disposal on land.
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