Texas Pacific Land Co. (NYSE:TPL) Stake Cut by Moors & Cabot Inc.

Moors & Cabot Inc. reduced its stake in Texas Pacific Land Co. (NYSE:TPL) by 4.4% during the 3rd quarter, Holdings Channel reports. The fund owned 75,162 shares of the financial services provider’s stock after selling 3,491 shares during the period. Texas Pacific Land comprises about 3.3% of Moors & Cabot Inc.’s portfolio, making the stock its 4th biggest position. Moors & Cabot Inc.’s holdings in Texas Pacific Land were worth $66,499,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Texas Pacific Land by 199.8% in the first quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock valued at $1,099,867,000 after buying an additional 1,267,123 shares during the period. Magnolia Capital Advisors LLC acquired a new position in shares of Texas Pacific Land during the second quarter worth about $131,014,000. Bank of New York Mellon Corp grew its stake in shares of Texas Pacific Land by 74.2% in the second 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 buying an additional 86,975 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Texas Pacific Land by 1,541.2% during 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 buying an additional 60,400 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in Texas Pacific Land during the 3rd quarter worth approximately $45,400,000. Hedge funds and other institutional investors 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 firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the completion of the transaction, the chief accounting officer now owns 584 shares of the company’s stock, valued at $810,784.72. This trade represents a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have purchased 114 shares of company stock valued at $117,463. Company insiders own 6.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BWS Financial reaffirmed a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research report on Monday, August 12th.

Texas Pacific Land Price Performance

TPL stock traded up $14.30 on Wednesday, reaching $1,434.43. The company’s stock had a trading volume of 6,511 shares, compared to its average volume of 102,985. The firm has a fifty day moving average of $1,074.10 and a two-hundred day moving average of $859.95. The company has a market capitalization of $32.96 billion, a P/E ratio of 72.75 and a beta of 1.56. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $1,434.43.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $1.60 dividend. The ex-dividend date is Monday, December 2nd. This represents a $6.40 annualized dividend and a yield of 0.45%. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio is presently 24.01%.

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.