Federated Hermes Inc. Takes Position in Texas Pacific Land Co. (NYSE:TPL)

Federated Hermes Inc. purchased a new position in Texas Pacific Land Co. (NYSE:TPL) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,996 shares of the financial services provider’s stock, valued at approximately $1,466,000.

Several other hedge funds have also recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. boosted its holdings in Texas Pacific Land by 200.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 45 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 30 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Texas Pacific Land by 315.4% during the 1st quarter. GAMMA Investing LLC now owns 54 shares of the financial services provider’s stock valued at $31,000 after buying an additional 41 shares during the period. American National Bank purchased a new position in shares of Texas Pacific Land in the 2nd quarter worth $42,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Texas Pacific Land in the second quarter worth $44,000. Finally, IFS Advisors LLC increased its position in Texas Pacific Land by 200.0% during the first quarter. IFS Advisors LLC now owns 66 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 44 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock opened at $935.40 on Friday. The stock’s fifty day moving average is $823.41 and its 200 day moving average is $693.25. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $941.63. The stock has a market cap of $21.50 billion, a P/E ratio of 49.73 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). The firm had revenue of $172.33 million for the quarter, compared to the consensus estimate of $182.35 million. Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. During the same quarter in the previous year, the business posted $4.35 EPS. Analysts predict that Texas Pacific Land Co. will post 20.14 EPS for the current year.

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 issued a $1.17 dividend. This represents a $4.68 annualized dividend and a yield of 0.50%. The ex-dividend date was Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio is currently 24.88%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. BWS Financial reissued a “buy” rating and issued a $917.00 target price on shares of Texas Pacific Land in a research report on Monday, August 12th. StockNews.com downgraded shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th.

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.