Balyasny Asset Management L.P. Cuts Position in Texas Pacific Land Co. (NYSE:TPL)

Balyasny Asset Management L.P. lessened its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 40.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,079 shares of the financial services provider’s stock after selling 736 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Texas Pacific Land were worth $1,193,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of TPL. Bessemer Group Inc. lifted its stake in shares of Texas Pacific Land by 108.3% in the 4th quarter. Bessemer Group Inc. now owns 25 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 13 shares during the last quarter. Assetmark Inc. bought a new stake in shares of Texas Pacific Land in the 4th quarter valued at approximately $29,000. Atala Financial Inc bought a new stake in shares of Texas Pacific Land in the 4th quarter valued at approximately $31,000. TD Waterhouse Canada Inc. lifted its stake in shares of Texas Pacific Land by 45.5% in the 4th quarter. TD Waterhouse Canada Inc. now owns 48 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 15 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Texas Pacific Land in the 4th quarter valued at approximately $66,000. 59.94% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, VP Micheal W. Dobbs sold 1,150 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the sale, the vice president now directly owns 1,393 shares of the company’s stock, valued at approximately $1,771,227.36. This trade represents a 45.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Chris Steddum sold 214 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total value of $281,193.86. Following the sale, the chief financial officer now directly owns 3,502 shares of the company’s stock, valued at $4,601,592.98. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders acquired 104 shares of company stock valued at $135,964. Insiders own 6.50% of the company’s stock.

Texas Pacific Land Price Performance

NYSE:TPL opened at $1,381.64 on Wednesday. The firm has a market capitalization of $31.76 billion, a price-to-earnings ratio of 70.06 and a beta of 1.20. Texas Pacific Land Co. has a 1 year low of $578.56 and a 1 year high of $1,769.14. The business has a 50 day simple moving average of $1,299.71 and a 200-day simple moving average of $1,315.79.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.27 by ($0.03). The company had revenue of $195.98 million during the quarter, compared to the consensus estimate of $211.00 million. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, June 2nd. Texas Pacific Land’s dividend payout ratio is currently 32.02%.

About Texas Pacific Land

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.