Hodges Capital Management Inc. Sells 1,776 Shares of Texas Pacific Land Co. (NYSE:TPL)

Hodges Capital Management Inc. trimmed its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 2.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,361 shares of the financial services provider’s stock after selling 1,776 shares during the quarter. Texas Pacific Land makes up approximately 3.7% of Hodges Capital Management Inc.’s investment portfolio, making the stock its largest position. Hodges Capital Management Inc. owned about 0.33% of Texas Pacific Land worth $55,335,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. NEOS Investment Management LLC lifted its stake in Texas Pacific Land by 5.0% in the 4th quarter. NEOS Investment Management LLC now owns 147 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 7 shares in the last quarter. Balentine LLC lifted its position in Texas Pacific Land by 3.7% during the fourth quarter. Balentine LLC now owns 278 shares of the financial services provider’s stock worth $437,000 after buying an additional 10 shares in the last quarter. Meridian Management Co. boosted its stake in Texas Pacific Land by 0.8% during the fourth quarter. Meridian Management Co. now owns 1,393 shares of the financial services provider’s stock worth $2,042,000 after buying an additional 11 shares during the last quarter. Van ECK Associates Corp grew its holdings in Texas Pacific Land by 1.3% in the 4th quarter. Van ECK Associates Corp now owns 1,290 shares of the financial services provider’s stock valued at $2,028,000 after buying an additional 16 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in Texas Pacific Land by 3.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 605 shares of the financial services provider’s stock valued at $951,000 after buying an additional 18 shares in the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. BWS Financial reissued a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a research report on Monday, August 12th. StockNews.com lowered shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock traded down $5.74 during trading hours on Wednesday, hitting $809.30. The company’s stock had a trading volume of 5,767 shares, compared to its average volume of 104,643. The stock has a market cap of $18.60 billion, a price-to-earnings ratio of 43.33 and a beta of 1.60. Texas Pacific Land Co. has a twelve month low of $467.62 and a twelve month high of $881.12. The firm has a fifty day moving average of $805.38 and a 200-day moving average of $669.79.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing the consensus estimate 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 company had revenue of $172.33 million during the quarter, compared to analyst estimates of $182.35 million. During the same quarter in the prior year, the company posted $4.35 earnings per share. On average, sell-side analysts expect that Texas Pacific Land Co. will post 20.14 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

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.