Verition Fund Management LLC Cuts Stock Position in Texas Pacific Land Co. (NYSE:TPL)

Verition Fund Management LLC decreased its holdings in shares of Texas Pacific Land Co. (NYSE:TPL) by 49.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 300 shares of the financial services provider’s stock after selling 293 shares during the quarter. Verition Fund Management LLC’s holdings in Texas Pacific Land were worth $265,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Biltmore Family Office LLC acquired a new position in Texas Pacific Land during the third quarter worth approximately $337,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Texas Pacific Land in the 3rd quarter valued at $304,000. Waverton Investment Management Ltd boosted its stake in Texas Pacific Land by 18.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 14,166 shares of the financial services provider’s stock worth $12,524,000 after purchasing an additional 2,160 shares during the period. Gilbert & Cook Inc. boosted its stake in Texas Pacific Land by 114.6% during the 3rd quarter. Gilbert & Cook Inc. now owns 3,966 shares of the financial services provider’s stock worth $3,509,000 after purchasing an additional 2,118 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Texas Pacific Land during the 3rd quarter worth $395,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insider Buying and Selling at Texas Pacific Land

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land stock in a transaction that occurred 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 sale, the chief accounting officer now owns 584 shares of the company’s stock, valued at approximately $810,784.72. The trade was a 26.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have purchased 117 shares of company stock worth $139,646. 6.50% of the stock is currently owned by insiders.

Texas Pacific Land Stock Performance

Shares of NYSE:TPL opened at $1,198.97 on Friday. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $1,769.14. The stock has a market capitalization of $27.55 billion, a price-to-earnings ratio of 61.52 and a beta of 1.62. The company has a 50-day simple moving average of $1,274.68 and a 200-day simple moving average of $964.84.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.53%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. The ex-dividend date of this dividend is Monday, December 2nd. Texas Pacific Land’s dividend payout ratio (DPR) is presently 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.