DNB Asset Management AS Cuts Stock Holdings in Texas Pacific Land Co. (NYSE:TPL)

DNB Asset Management AS trimmed its stake in Texas Pacific Land Co. (NYSE:TPL) by 69.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,764 shares of the financial services provider’s stock after selling 8,629 shares during the period. DNB Asset Management AS’s holdings in Texas Pacific Land were worth $2,764,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. DekaBank Deutsche Girozentrale raised its position in Texas Pacific Land by 216.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 1,008 shares of the financial services provider’s stock valued at $571,000 after purchasing an additional 689 shares in the last quarter. Austin Wealth Management LLC raised its holdings in shares of Texas Pacific Land by 199.3% during the 1st quarter. Austin Wealth Management LLC now owns 1,341 shares of the financial services provider’s stock valued at $815,000 after buying an additional 893 shares in the last quarter. Cim LLC lifted its position in Texas Pacific Land by 199.0% in the 1st quarter. Cim LLC now owns 1,764 shares of the financial services provider’s stock worth $1,020,000 after buying an additional 1,174 shares during the last quarter. Wedgewood Partners Inc. boosted its stake in Texas Pacific Land by 190.8% in the first quarter. Wedgewood Partners Inc. now owns 13,699 shares of the financial services provider’s stock worth $8,241,000 after buying an additional 8,989 shares in the last quarter. Finally, Comerica Bank grew its position in Texas Pacific Land by 85.5% during the first quarter. Comerica Bank now owns 1,098 shares of the financial services provider’s stock valued at $635,000 after acquiring an additional 506 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

Shares of TPL traded up $16.87 on Tuesday, reaching $772.92. The stock had a trading volume of 81,430 shares, compared to its average volume of 106,624. Texas Pacific Land Co. has a 12-month low of $467.62 and a 12-month high of $854.66. The firm has a market capitalization of $17.77 billion, a price-to-earnings ratio of 41.02 and a beta of 1.63. The company has a 50-day simple moving average of $745.38 and a 200-day simple moving average of $619.22.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $4.97 EPS for the quarter, beating the consensus estimate of $4.58 by $0.39. The business had revenue of $174.14 million during the quarter, compared to analyst estimates of $158.20 million. Texas Pacific Land had a return on equity of 43.16% and a net margin of 65.74%. On average, analysts expect that Texas Pacific Land Co. will post 21.2 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently announced a None dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 1st were paid a dividend of $10.00 per share. The ex-dividend date was Monday, July 1st. Texas Pacific Land’s dividend payout ratio is 24.88%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on TPL shares. StockNews.com lowered shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th. BWS Financial restated a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a report on Friday, May 10th.

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.