Grimes & Company Inc. Decreases Stake in Texas Pacific Land Co. (NYSE:TPL)

Grimes & Company Inc. reduced its holdings in Texas Pacific Land Co. (NYSE:TPL) by 1.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,445 shares of the financial services provider’s stock after selling 49 shares during the period. Grimes & Company Inc.’s holdings in Texas Pacific Land were worth $3,933,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. increased its position in Texas Pacific Land by 200.0% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 45 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 30 shares during the last quarter. GAMMA Investing LLC increased its position in Texas Pacific Land by 315.4% during the first quarter. GAMMA Investing LLC now owns 54 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 41 shares during the last quarter. American National Bank acquired a new stake in Texas Pacific Land during the second quarter worth about $42,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Texas Pacific Land during the second quarter worth about $44,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in Texas Pacific Land during the third quarter worth about $44,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Price Performance

Shares of TPL stock traded up $4.54 during trading on Thursday, reaching $1,088.80. The company’s stock had a trading volume of 998 shares, compared to its average volume of 103,239. The company has a market capitalization of $25.02 billion, a price-to-earnings ratio of 55.77 and a beta of 1.60. The stock’s 50-day moving average price is $908.91 and its 200 day moving average price is $767.40. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $1,095.75.

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

Texas Pacific Land Dividend Announcement

The business also recently disclosed 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 was Tuesday, September 3rd. This represents a $4.68 annualized dividend and a dividend yield of 0.43%. Texas Pacific Land’s dividend payout ratio is presently 24.07%.

Wall Street Analyst Weigh In

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

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.