Geode Capital Management LLC Grows Holdings in Texas Pacific Land Co. (NYSE:TPL)

Geode Capital Management LLC increased its stake in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 34.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 622,115 shares of the financial services provider's stock after acquiring an additional 159,597 shares during the quarter. Geode Capital Management LLC owned approximately 2.71% of Texas Pacific Land worth $693,023,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Assetmark Inc. purchased a new stake in shares of Texas Pacific Land during the fourth quarter worth about $29,000. Atala Financial Inc acquired a new stake in Texas Pacific Land in the 4th quarter worth about $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Texas Pacific Land during the 4th quarter worth approximately $66,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Texas Pacific Land by 21.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 69 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 12 shares during the last quarter. Finally, Sentry Investment Management LLC purchased a new position in shares of Texas Pacific Land in the fourth quarter valued at approximately $87,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

Shares of TPL traded up $39.25 during trading hours on Monday, hitting $1,118.25. 163,859 shares of the stock were exchanged, compared to its average volume of 150,478. The stock's 50-day moving average price is $1,336.23 and its two-hundred day moving average price is $1,261.04. Texas Pacific Land Co. has a 12-month low of $555.71 and a 12-month high of $1,769.14. The company has a market cap of $25.70 billion, a price-to-earnings ratio of 56.47 and a beta of 1.44.

Remove Ads

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $5.14 EPS for the quarter. The business had revenue of $185.78 million during the quarter. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend was Monday, March 3rd. Texas Pacific Land's dividend payout ratio is currently 32.45%.

Insider Activity

In other Texas Pacific Land news, VP Micheal W. Dobbs sold 1,150 shares of the company's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the completion of the sale, the vice president now directly owns 1,393 shares in the company, valued at $1,771,227.36. This represents a 45.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Chris Steddum sold 214 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total value of $281,193.86. Following the completion of the sale, the chief financial officer now directly owns 3,502 shares of the company's stock, valued at $4,601,592.98. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased 71 shares of company stock worth $95,395 over the last ninety days. Corporate insiders own 6.50% of the company's stock.

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.