Stonegate Investment Group LLC Sells 107 Shares of Texas Pacific Land Co. (NYSE:TPL)

Stonegate Investment Group LLC cut its stake in shares of Texas Pacific Land Co. (NYSE:TPL) by 9.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,007 shares of the financial services provider’s stock after selling 107 shares during the quarter. Stonegate Investment Group LLC’s holdings in Texas Pacific Land were worth $891,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in TPL. Benjamin F. Edwards & Company Inc. raised its stake in shares of 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 acquiring an additional 30 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of 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 acquiring an additional 41 shares in the last quarter. American National Bank purchased a new position in shares of Texas Pacific Land during the second quarter worth approximately $42,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Texas Pacific Land during the second quarter worth approximately $44,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of Texas Pacific Land during the third quarter worth approximately $44,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Down 0.7 %

Shares of NYSE TPL opened at $1,058.54 on Friday. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $1,077.25. The firm’s fifty day moving average is $893.34 and its 200 day moving average is $755.87. The company has a market cap of $24.33 billion, a price-to-earnings ratio of 54.45 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 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 firm had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. During the same period in the previous year, the firm earned $4.35 earnings per share.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a $1.17 dividend. This represents a $4.68 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend was Tuesday, September 3rd. Texas Pacific Land’s payout ratio is 24.07%.

Wall Street Analysts Forecast Growth

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

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.