AFG Fiduciary Services Limited Partnership Invests $242,000 in Texas Pacific Land Co. (NYSE:TPL)

AFG Fiduciary Services Limited Partnership acquired a new stake in shares of Texas Pacific Land Co. (NYSE:TPL) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 300 shares of the financial services provider’s stock, valued at approximately $242,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NEOS Investment Management LLC boosted its stake in shares of Texas Pacific Land by 5.0% in the fourth quarter. NEOS Investment Management LLC now owns 147 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 7 shares during the period. Signaturefd LLC lifted its stake in Texas Pacific Land by 30.8% in the 4th quarter. Signaturefd LLC now owns 34 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 8 shares in the last quarter. Balentine LLC boosted its holdings in shares of Texas Pacific Land by 3.7% during the 4th quarter. Balentine LLC now owns 278 shares of the financial services provider’s stock valued at $437,000 after purchasing an additional 10 shares during the last quarter. Meridian Management Co. grew its position in shares of 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 valued at $2,042,000 after purchasing an additional 11 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Texas Pacific Land by 1.3% during the fourth quarter. Van ECK Associates Corp now owns 1,290 shares of the financial services provider’s stock valued at $2,028,000 after purchasing an additional 16 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Down 0.2 %

NYSE:TPL traded down $1.88 during midday trading on Friday, hitting $868.89. The stock had a trading volume of 134,775 shares, compared to its average volume of 105,247. The stock has a 50-day moving average of $801.66 and a 200 day moving average of $662.36. The company has a market capitalization of $19.97 billion, a price-to-earnings ratio of 46.17 and a beta of 1.63. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $881.12.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data 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). The business had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. During the same period last year, the company earned $4.35 earnings per share. On average, sell-side analysts anticipate that Texas Pacific Land Co. will post 20.14 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio (DPR) is currently 24.88%.

Analysts Set New Price Targets

A number of brokerages have commented on TPL. StockNews.com cut shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. BWS Financial reiterated a “buy” rating and issued a $917.00 price target on shares of Texas Pacific Land in a research report on Monday, August 12th.

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.