Ridgecrest Wealth Partners LLC Buys 1,394 Shares of Texas Pacific Land Co. (NYSE:TPL)

Ridgecrest Wealth Partners LLC grew its position in shares of Texas Pacific Land Co. (NYSE:TPL) by 139.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,394 shares of the financial services provider’s stock after purchasing an additional 1,394 shares during the quarter. Texas Pacific Land comprises approximately 0.8% of Ridgecrest Wealth Partners LLC’s investment portfolio, making the stock its 28th largest position. Ridgecrest Wealth Partners LLC’s holdings in Texas Pacific Land were worth $1,385,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Texas Pacific Land in the fourth quarter valued at approximately $36,000. CVA Family Office LLC bought a new stake in shares of Texas Pacific Land in the 4th quarter valued at $50,000. Signaturefd LLC lifted its position in shares of Texas Pacific Land by 30.8% during the 4th quarter. Signaturefd LLC now owns 34 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 8 shares during the period. GAMMA Investing LLC boosted its stake in 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. Finally, Quent Capital LLC grew its holdings in Texas Pacific Land by 1,000.0% in the fourth quarter. Quent Capital LLC now owns 55 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TPL shares. BWS Financial reiterated a “buy” rating and set a $917.00 price objective on shares of Texas Pacific Land in a report on Friday, May 10th. StockNews.com lowered Texas Pacific Land from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th.

Texas Pacific Land Trading Up 0.1 %

TPL opened at $734.27 on Friday. Texas Pacific Land Co. has a 1-year low of $429.56 and a 1-year high of $799.46. The company has a market cap of $16.88 billion, a price-to-earnings ratio of 39.04 and a beta of 1.59. The company’s fifty day moving average price is $643.61 and its two-hundred day moving average price is $570.03.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, May 8th. The financial services provider reported $4.97 earnings per share for the quarter, topping analysts’ consensus estimates of $4.58 by $0.39. Texas Pacific Land had a net margin of 65.74% and a return on equity of 43.16%. The company had revenue of $174.14 million for the quarter, compared to analyst estimates of $158.20 million. As a group, equities analysts forecast that Texas Pacific Land Co. will post 21.2 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently announced a None dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be issued a $10.00 dividend. The ex-dividend date is Monday, July 1st. Texas Pacific Land’s dividend payout ratio is presently 24.88%.

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.