Ritholtz Wealth Management Sells 62 Shares of Texas Pacific Land Co. (NYSE:TPL)

Ritholtz Wealth Management trimmed its position in Texas Pacific Land Co. (NYSE:TPL) by 9.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 595 shares of the financial services provider’s stock after selling 62 shares during the period. Ritholtz Wealth Management’s holdings in Texas Pacific Land were worth $437,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stegent Equity Advisors Inc. grew its holdings in shares of Texas Pacific Land by 3.6% in the second quarter. Stegent Equity Advisors Inc. now owns 2,802 shares of the financial services provider’s stock valued at $2,057,000 after acquiring an additional 98 shares in the last quarter. nVerses Capital LLC bought a new position in Texas Pacific Land in the 2nd quarter valued at $220,000. Farther Finance Advisors LLC increased its position in shares of Texas Pacific Land by 9.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 323 shares of the financial services provider’s stock valued at $234,000 after purchasing an additional 29 shares during the last quarter. AFG Fiduciary Services Limited Partnership bought a new stake in shares of Texas Pacific Land during the 2nd quarter worth $242,000. Finally, Confluence Wealth Services Inc. grew its position in Texas Pacific Land by 17.2% during the second quarter. Confluence Wealth Services Inc. now owns 1,494 shares of the financial services provider’s stock valued at $1,097,000 after buying an additional 219 shares during the period. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Performance

TPL stock opened at $803.76 on Thursday. The stock has a fifty day moving average of $806.60 and a 200-day moving average of $670.72. Texas Pacific Land Co. has a fifty-two week low of $467.62 and a fifty-two week high of $881.12. The company has a market capitalization of $18.47 billion, a price-to-earnings ratio of 42.73 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share 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 business had revenue of $172.33 million for the quarter, compared to the consensus estimate of $182.35 million. During the same quarter in the prior year, the business earned $4.35 EPS. Equities analysts predict that Texas Pacific Land Co. will post 20.14 EPS for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $1.17 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a yield of 0.58%. Texas Pacific Land’s payout ratio is 24.88%.

Analyst Ratings Changes

TPL has been the topic of several research reports. BWS Financial reaffirmed a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research report on Monday, August 12th. StockNews.com cut shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th.

Texas Pacific Land Company 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.