Texas Pacific Land Co. (NYSE:TPL) is Moors & Cabot Inc.'s 4th Largest Position

Moors & Cabot Inc. cut its stake in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 4.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,653 shares of the financial services provider's stock after selling 3,541 shares during the period. Texas Pacific Land makes up approximately 3.1% of Moors & Cabot Inc.'s holdings, making the stock its 4th biggest position. Moors & Cabot Inc. owned 0.34% of Texas Pacific Land worth $57,753,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Avantax Advisory Services Inc. grew its position in shares of Texas Pacific Land by 204.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider's stock worth $584,000 after buying an additional 678 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in Texas Pacific Land by 229.3% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,054 shares of the financial services provider's stock valued at $8,709,000 after buying an additional 10,483 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Texas Pacific Land by 220.7% in the first quarter. Van ECK Associates Corp now owns 4,137 shares of the financial services provider's stock worth $2,393,000 after purchasing an additional 2,847 shares in the last quarter. Sandbox Financial Partners LLC increased its holdings in Texas Pacific Land by 175.4% during the first quarter. Sandbox Financial Partners LLC now owns 2,181 shares of the financial services provider's stock worth $1,262,000 after buying an additional 1,389 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Texas Pacific Land by 174.6% in the first quarter. Russell Investments Group Ltd. now owns 11,757 shares of the financial services provider's stock valued at $6,802,000 after acquiring an additional 7,476 shares during the period. 59.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TPL shares. StockNews.com downgraded shares of Texas Pacific Land from a "buy" rating to a "hold" rating in a research report on Tuesday, June 18th. BWS Financial restated a "buy" rating and set a $917.00 price objective on shares of Texas Pacific Land in a research note on Monday, August 12th.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock traded up $34.90 during midday trading on Tuesday, reaching $873.51. 110,860 shares of the company's stock traded hands, compared to its average volume of 103,629. The company has a market cap of $20.08 billion, a PE ratio of 46.44 and a beta of 1.60. The stock has a 50 day moving average of $816.20 and a 200-day moving average of $687.88. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $881.12.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing the consensus estimate of $5.36 by ($0.38). The business had revenue of $172.33 million for 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 last year, the business earned $4.35 earnings per share. On average, equities analysts anticipate that Texas Pacific Land Co. will post 20.14 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given 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 0.54%. Texas Pacific Land's payout ratio is currently 24.88%.

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.