Louisiana State Employees Retirement System Buys New Stake in Texas Pacific Land Co. (NYSE:TPL)

Louisiana State Employees Retirement System purchased a new position in shares of Texas Pacific Land Co. (NYSE:TPL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 5,300 shares of the financial services provider's stock, valued at approximately $3,892,000.

Several other hedge funds have also added to or reduced their stakes in TPL. American National Bank bought a new stake in shares of Texas Pacific Land in the second quarter valued at approximately $42,000. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Texas Pacific Land during the 2nd quarter worth $408,000. Nisa Investment Advisors LLC increased its position in shares of Texas Pacific Land by 505.7% in the second quarter. Nisa Investment Advisors LLC now owns 3,743 shares of the financial services provider's stock worth $2,748,000 after purchasing an additional 3,125 shares during the period. MONECO Advisors LLC acquired a new position in Texas Pacific Land in the second quarter valued at about $245,000. Finally, Marietta Wealth Management LLC bought a new stake in Texas Pacific Land during the second quarter worth about $2,926,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Stock Up 3.7 %

Shares of NYSE TPL traded up $30.97 during midday trading on Friday, reaching $860.90. 77,386 shares of the company were exchanged, compared to its average volume of 105,902. The stock's 50-day moving average price is $789.31 and its 200-day moving average price is $646.66. The stock has a market cap of $19.78 billion, a P/E ratio of 45.10 and a beta of 1.63. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $861.45.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.36 by ($0.38). The firm had revenue of $172.33 million during the quarter, compared to analyst estimates 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 period in the previous year, the company earned $4.35 EPS. On average, equities research analysts anticipate that Texas Pacific Land Co. will post 20.14 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $1.17 per share. This represents a $4.68 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Tuesday, September 3rd. Texas Pacific Land's payout ratio is currently 24.88%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. BWS Financial reissued a "buy" rating and issued a $917.00 target price on shares of Texas Pacific Land in a report on Monday, August 12th. StockNews.com downgraded shares of Texas Pacific Land from a "buy" rating to a "hold" rating in a research 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.