Texas Pacific Land Co. (NYSE:TPL) Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. trimmed its stake in Texas Pacific Land Co. (NYSE:TPL - Free Report) by 9.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,885 shares of the financial services provider's stock after selling 1,653 shares during the period. Texas Pacific Land comprises 0.7% of Essex Financial Services Inc.'s holdings, making the stock its 23rd biggest holding. Essex Financial Services Inc. owned about 0.07% of Texas Pacific Land worth $14,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in TPL. American National Bank purchased a new stake in Texas Pacific Land in the 2nd quarter valued at about $42,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Texas Pacific Land in the 2nd quarter worth approximately $44,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Texas Pacific Land in the 3rd quarter worth approximately $44,000. Signaturefd LLC lifted its position in shares of Texas Pacific Land by 16.9% in the 3rd quarter. Signaturefd LLC now owns 90 shares of the financial services provider's stock worth $80,000 after purchasing an additional 13 shares during the period. Finally, UniSuper Management Pty Ltd lifted its position in shares of Texas Pacific Land by 200.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 144 shares of the financial services provider's stock worth $83,000 after purchasing an additional 96 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Up 0.7 %

Shares of NYSE TPL traded up $8.04 during trading hours on Friday, hitting $1,098.01. 55,598 shares of the stock were exchanged, compared to its average volume of 103,192. The company has a market cap of $25.24 billion, a PE ratio of 58.37 and a beta of 1.60. The firm has a fifty day moving average price of $919.63 and a 200-day moving average price of $775.77. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $1,106.87.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted 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 firm had revenue of $172.33 million for the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $4.35 EPS.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $1.17 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a yield of 0.43%. Texas Pacific Land's payout ratio is 24.88%.

Analyst Upgrades and Downgrades

Separately, BWS Financial reaffirmed a "buy" rating and issued a $917.00 price target on shares of Texas Pacific Land in a research report on Monday, August 12th.

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.