Van ECK Associates Corp Purchases 463 Shares of Texas Pacific Land Co. (NYSE:TPL)

Van ECK Associates Corp lifted its position in Texas Pacific Land Co. (NYSE:TPL) by 11.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,669 shares of the financial services provider’s stock after purchasing an additional 463 shares during the quarter. Van ECK Associates Corp’s holdings in Texas Pacific Land were worth $4,131,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Texas Pacific Land by 199.8% in the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock worth $1,099,867,000 after acquiring an additional 1,267,123 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in shares of Texas Pacific Land in the second quarter worth approximately $131,014,000. Bank of New York Mellon Corp raised its stake in Texas Pacific Land by 74.2% in the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock valued at $149,920,000 after purchasing an additional 86,975 shares in the last quarter. Principal Financial Group Inc. lifted its position in Texas Pacific Land by 1,541.2% during the second quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider’s stock valued at $47,228,000 after purchasing an additional 60,400 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Texas Pacific Land in the 3rd quarter worth approximately $45,400,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Trading Up 3.0 %

Shares of Texas Pacific Land stock opened at $1,375.16 on Friday. The firm has a market capitalization of $31.60 billion, a PE ratio of 70.56 and a beta of 1.56. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $1,417.72. The business’s 50-day moving average price is $993.11 and its 200-day moving average price is $816.85.

Texas Pacific Land (NYSE:TPL) last posted its quarterly 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 39.92% and a net margin of 65.34%. The business had revenue of $172.33 million for the quarter, compared to analysts’ expectations of $182.35 million. During the same period last year, the business posted $4.35 earnings per share.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Monday, December 2nd. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.84%.

Wall Street Analysts Forecast Growth

Separately, BWS Financial restated a “buy” rating and set a $917.00 price objective on shares of Texas Pacific Land in a research report 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.