Cortland Associates Inc. MO Decreases Holdings in Texas Pacific Land Co. (NYSE:TPL)

Cortland Associates Inc. MO lowered its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 63.9% during the fourth quarter, Holdings Channel reports. The firm owned 14,884 shares of the financial services provider’s stock after selling 26,379 shares during the quarter. Texas Pacific Land makes up about 1.9% of Cortland Associates Inc. MO’s portfolio, making the stock its 17th largest holding. Cortland Associates Inc. MO’s holdings in Texas Pacific Land were worth $16,461,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in TPL. Geode Capital Management LLC increased its position in shares of Texas Pacific Land by 21.5% during the third quarter. Geode Capital Management LLC now owns 462,518 shares of the financial services provider’s stock worth $411,943,000 after purchasing an additional 81,974 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Texas Pacific Land in the 3rd quarter valued at about $45,400,000. State Street Corp boosted its holdings in Texas Pacific Land by 3.8% in the 3rd quarter. State Street Corp now owns 762,627 shares of the financial services provider’s stock valued at $674,727,000 after purchasing an additional 27,884 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Texas Pacific Land in the 3rd quarter valued at approximately $14,949,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $12,928,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Buying and Selling at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total value of $291,549.30. Following the completion of the sale, the chief accounting officer now directly owns 584 shares in the company, valued at approximately $810,784.72. This represents a 26.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders acquired 73 shares of company stock worth $100,462. Insiders own 6.50% of the company’s stock.

Texas Pacific Land Price Performance

Shares of NYSE:TPL opened at $1,272.85 on Thursday. The business’s 50 day simple moving average is $1,317.58 and its 200-day simple moving average is $1,087.45. The firm has a market capitalization of $29.25 billion, a price-to-earnings ratio of 65.31 and a beta of 1.68. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $1,769.14.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $4.63 EPS for the quarter. Texas Pacific Land had a return on equity of 40.57% and a net margin of 65.34%. The business had revenue of $173.56 million for the quarter. During the same period last year, the firm earned $4.58 EPS.

Texas Pacific Land Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $1.60 dividend. The ex-dividend date was Monday, December 2nd. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 annualized dividend and a yield of 0.50%. Texas Pacific Land’s payout ratio is 32.84%.

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.