Essex Financial Services Inc. Has $14.02 Million Holdings in Texas Pacific Land Co. (NYSE:TPL)

Essex Financial Services Inc. cut its holdings in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 20.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,024 shares of the financial services provider's stock after selling 4,805 shares during the quarter. Texas Pacific Land accounts for 0.7% of Essex Financial Services Inc.'s investment portfolio, making the stock its 22nd largest holding. Essex Financial Services Inc. owned about 0.08% of Texas Pacific Land worth $14,023,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. NEOS Investment Management LLC lifted its stake in Texas Pacific Land by 5.0% in the fourth quarter. NEOS Investment Management LLC now owns 147 shares of the financial services provider's stock valued at $231,000 after buying an additional 7 shares during the period. Signaturefd LLC raised its position in shares of Texas Pacific Land by 30.8% during the fourth quarter. Signaturefd LLC now owns 34 shares of the financial services provider's stock worth $53,000 after purchasing an additional 8 shares during the period. Balentine LLC raised its position in shares of Texas Pacific Land by 3.7% during the fourth quarter. Balentine LLC now owns 278 shares of the financial services provider's stock worth $437,000 after purchasing an additional 10 shares during the period. Meridian Management Co. raised its position in shares of Texas Pacific Land by 0.8% during the fourth quarter. Meridian Management Co. now owns 1,393 shares of the financial services provider's stock worth $2,042,000 after purchasing an additional 11 shares during the period. Finally, Van ECK Associates Corp raised its position in shares of Texas Pacific Land by 1.3% during the fourth quarter. Van ECK Associates Corp now owns 1,290 shares of the financial services provider's stock worth $2,028,000 after purchasing an additional 16 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. BWS Financial reaffirmed a "buy" rating and set a $917.00 target price on shares of Texas Pacific Land in a research report on Monday, August 12th. StockNews.com lowered Texas Pacific Land from a "buy" rating to a "hold" rating in a research report on Tuesday, June 18th.

Texas Pacific Land Stock Down 0.2 %

NYSE TPL traded down $1.88 on Friday, reaching $868.89. The company had a trading volume of 134,775 shares, compared to its average volume of 105,247. The stock has a market capitalization of $19.97 billion, a P/E ratio of 46.17 and a beta of 1.63. The company's fifty day moving average is $801.66 and its 200 day moving average is $662.36. Texas Pacific Land Co. has a 52-week low of $467.62 and a 52-week high of $881.12.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly 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 in the previous year, the company posted $4.35 earnings per share. On average, research analysts expect that Texas Pacific Land Co. will post 20.14 EPS for the current year.

Texas Pacific Land Announces Dividend

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

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.

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