Garrett Wealth Advisory Group LLC Sells 393 Shares of Texas Pacific Land Corporation $TPL

Garrett Wealth Advisory Group LLC lessened its position in Texas Pacific Land Corporation (NYSE:TPL) by 16.4% in the second quarter, HoldingsChannel reports. The firm owned 2,007 shares of the financial services provider’s stock after selling 393 shares during the quarter. Texas Pacific Land accounts for approximately 0.4% of Garrett Wealth Advisory Group LLC’s holdings, making the stock its 21st biggest holding. Garrett Wealth Advisory Group LLC’s holdings in Texas Pacific Land were worth $2,120,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Texas Pacific Land by 4.9% in the first quarter. Vanguard Group Inc. now owns 2,466,123 shares of the financial services provider’s stock worth $3,267,588,000 after purchasing an additional 115,743 shares during the period. Geode Capital Management LLC grew its stake in shares of Texas Pacific Land by 3.9% in the 2nd quarter. Geode Capital Management LLC now owns 605,760 shares of the financial services provider’s stock worth $648,866,000 after buying an additional 22,796 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Texas Pacific Land by 2.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 183,485 shares of the financial services provider’s stock valued at $243,116,000 after buying an additional 3,850 shares in the last quarter. Schwartz Investment Counsel Inc. raised its stake in Texas Pacific Land by 2.1% during the second quarter. Schwartz Investment Counsel Inc. now owns 154,033 shares of the financial services provider’s stock valued at $162,719,000 after buying an additional 3,210 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Texas Pacific Land by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 126,347 shares of the financial services provider’s stock worth $167,386,000 after acquiring an additional 2,623 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Down 1.4%

Shares of TPL stock opened at $907.13 on Thursday. The company has a 50 day moving average price of $938.71 and a 200-day moving average price of $1,018.43. Texas Pacific Land Corporation has a 52 week low of $845.56 and a 52 week high of $1,769.14. The firm has a market capitalization of $20.85 billion, a PE ratio of 45.22 and a beta of 1.12.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.77 by ($0.50). Texas Pacific Land had a return on equity of 39.47% and a net margin of 62.16%.The company had revenue of $203.10 million during the quarter, compared to analysts’ expectations of $175.00 million.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a $1.60 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $6.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land’s payout ratio is presently 30.92%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday. Tudor Pickering raised shares of Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Texas Pacific Land presently has an average rating of “Reduce”.

Texas Pacific Land 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.