B. Riley Wealth Advisors Inc. Has $2.49 Million Stake in Texas Pacific Land Co. (NYSE:TPL)

B. Riley Wealth Advisors Inc. decreased its stake in shares of Texas Pacific Land Co. (NYSE:TPL) by 3.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,249 shares of the financial services provider’s stock after selling 71 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Texas Pacific Land were worth $2,487,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in TPL. Bessemer Group Inc. grew its holdings in 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 buying an additional 13 shares during the last quarter. Assetmark Inc. acquired a new stake in Texas Pacific Land in the 4th quarter valued at approximately $29,000. Atala Financial Inc acquired a new stake in Texas Pacific Land in the 4th quarter valued at approximately $31,000. TD Waterhouse Canada Inc. grew its holdings in 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 buying an additional 15 shares during the last quarter. Finally, CoreCap Advisors LLC grew its holdings in Texas Pacific Land by 5,700.0% in the 4th quarter. CoreCap Advisors LLC now owns 58 shares of the financial services provider’s stock valued at $64,000 after buying an additional 57 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Texas Pacific Land Trading Down 0.3%

Shares of NYSE:TPL opened at $1,275.42 on Tuesday. Texas Pacific Land Co. has a 1-year low of $578.56 and a 1-year high of $1,769.14. The firm has a market capitalization of $29.32 billion, a PE ratio of 64.68 and a beta of 1.20. The business’s 50 day moving average is $1,303.75 and its 200-day moving average is $1,325.26.

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

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 0.50%. The ex-dividend date is Monday, June 2nd. Texas Pacific Land’s payout ratio is presently 32.02%.

Insider Buying and Selling

In related news, 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 transaction of $281,193.86. Following the completion of the transaction, the chief financial officer now owns 3,502 shares in the company, valued at $4,601,592.98. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $1,462,248.00. Following the transaction, the vice president now owns 1,393 shares of the company’s stock, valued at $1,771,227.36. This trade represents a 45.22% decrease in their position. The disclosure for this sale can be found here. Insiders purchased 138 shares of company stock worth $183,850 in the last 90 days. 6.50% of the stock is owned by company insiders.

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.