ProShare Advisors LLC acquired a new position in shares of Texas Pacific Land Co. (NYSE:TPL) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,215 shares of the financial services provider’s stock, valued at approximately $1,944,000.
A number of other institutional investors also recently added to or reduced their stakes in TPL. BlackRock Inc. raised its stake in Texas Pacific Land by 90.8% during the second quarter. BlackRock Inc. now owns 305,799 shares of the financial services provider’s stock worth $489,199,000 after acquiring an additional 145,507 shares in the last quarter. Morgan Stanley raised its stake in Texas Pacific Land by 52.0% during the first quarter. Morgan Stanley now owns 381,719 shares of the financial services provider’s stock worth $606,717,000 after acquiring an additional 130,658 shares in the last quarter. Geode Capital Management LLC acquired a new position in Texas Pacific Land during the first quarter worth $96,473,000. Essex Financial Services Inc. acquired a new position in Texas Pacific Land during the second quarter worth $52,744,000. Finally, Hodges Capital Management Inc. acquired a new position in Texas Pacific Land during the second quarter worth $52,024,000. Hedge funds and other institutional investors own 56.50% of the company’s stock.
A number of analysts have recently weighed in on TPL shares. Credit Suisse Group started coverage on Texas Pacific Land in a research note on Wednesday, September 29th. They issued an “underperform” rating and a $800.00 target price for the company. Zacks Investment Research lowered Texas Pacific Land from a “hold” rating to a “sell” rating in a research note on Saturday, September 11th.
Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Thursday, August 5th. The financial services provider reported $7.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.37 by ($0.01). The firm had revenue of $95.93 million during the quarter, compared to the consensus estimate of $94.22 million. Texas Pacific Land had a net margin of 60.27% and a return on equity of 38.17%. On average, analysts predict that Texas Pacific Land Co. will post 31.15 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Wednesday, September 8th were issued a $2.75 dividend. This represents a $11.00 annualized dividend and a yield of 0.92%. The ex-dividend date was Tuesday, September 7th. Texas Pacific Land’s dividend payout ratio is 48.46%.
Texas Pacific Land Company 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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