Texas Pacific Land Co. (NYSE:TPL) Shares Sold by Hodges Capital Management Inc.

Hodges Capital Management Inc. trimmed its position in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 2.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,361 shares of the financial services provider's stock after selling 1,776 shares during the quarter. Texas Pacific Land comprises 3.7% of Hodges Capital Management Inc.'s investment portfolio, making the stock its biggest position. Hodges Capital Management Inc. owned 0.33% of Texas Pacific Land worth $55,335,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. NEOS Investment Management LLC raised its holdings in Texas Pacific Land by 5.0% in the 4th 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. Balentine LLC boosted 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 buying an additional 10 shares during the period. Meridian Management Co. grew its stake in shares of Texas Pacific Land by 0.8% in the fourth quarter. Meridian Management Co. now owns 1,393 shares of the financial services provider's stock valued at $2,042,000 after buying an additional 11 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Texas Pacific Land by 1.3% in the 4th quarter. Van ECK Associates Corp now owns 1,290 shares of the financial services provider's stock valued at $2,028,000 after buying an additional 16 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its stake in Texas Pacific Land by 3.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 605 shares of the financial services provider's stock worth $951,000 after acquiring an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Analyst Ratings Changes

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

Texas Pacific Land Stock Performance

TPL stock traded down $11.28 during mid-day trading on Wednesday, reaching $803.76. The company had a trading volume of 70,756 shares, compared to its average volume of 105,037. Texas Pacific Land Co. has a fifty-two week low of $467.62 and a fifty-two week high of $881.12. The company has a market capitalization of $18.47 billion, a price-to-earnings ratio of 42.73 and a beta of 1.60. The firm has a fifty day simple moving average of $806.60 and a 200 day simple moving average of $670.72.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly 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). Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. The firm had revenue of $172.33 million during the quarter, compared to analysts' expectations of $182.35 million. During the same quarter in the prior year, the firm earned $4.35 EPS. As a group, analysts predict that Texas Pacific Land Co. will post 20.14 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be paid a dividend of $1.17 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.58%. 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.