878 Shares in Texas Pacific Land Co. (NYSE:TPL) Acquired by ProShare Advisors LLC

ProShare Advisors LLC bought a new position in shares of Texas Pacific Land Co. (NYSE:TPL) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 878 shares of the financial services provider’s stock, valued at approximately $645,000.

Several other large investors have also recently added to or reduced their stakes in TPL. Vanguard Group Inc. increased its stake in Texas Pacific Land by 199.8% during 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 buying an additional 1,267,123 shares during the period. Pacific Heights Asset Management LLC increased its position in shares of Texas Pacific Land by 200.0% in the 1st quarter. Pacific Heights Asset Management LLC now owns 165,000 shares of the financial services provider’s stock valued at $95,454,000 after purchasing an additional 110,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Texas Pacific Land by 74.2% in the 2nd 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 during the last quarter. Mad River Investors increased its position in shares of Texas Pacific Land by 199.2% in the 1st quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock valued at $57,921,000 after purchasing an additional 66,663 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Texas Pacific Land by 1,541.2% in the 2nd 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. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Price Performance

NYSE TPL opened at $887.08 on Monday. The firm’s fifty day moving average price is $835.81 and its 200 day moving average price is $712.98. The company has a market capitalization of $20.39 billion, a price-to-earnings ratio of 47.16 and a beta of 1.60. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $959.50.

Texas Pacific Land (NYSE:TPL) last posted 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 company had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. During the same period last year, the business earned $4.35 earnings per share.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a $1.17 dividend. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio (DPR) is 24.88%.

Analysts Set New Price Targets

A number of equities research analysts have commented on TPL shares. StockNews.com downgraded shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. BWS Financial reissued a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research report on Monday, August 12th.

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.