Bar Harbor Wealth Management Sells 560 Shares of Texas Pacific Land Co. (NYSE:TPL)

Bar Harbor Wealth Management lessened its holdings in Texas Pacific Land Co. (NYSE:TPL) by 2.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,835 shares of the financial services provider’s stock after selling 560 shares during the period. Texas Pacific Land accounts for 1.2% of Bar Harbor Wealth Management’s holdings, making the stock its 18th biggest position. Bar Harbor Wealth Management owned about 0.10% of Texas Pacific Land worth $19,318,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Texas Pacific Land by 199.8% during the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock worth $1,099,867,000 after buying an additional 1,267,123 shares during the period. Bank of New York Mellon Corp grew its position in shares of Texas Pacific Land by 74.2% in the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock valued at $149,920,000 after purchasing an additional 86,975 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in shares of Texas Pacific Land during the second quarter worth approximately $131,014,000. Dimensional Fund Advisors LP boosted its stake in Texas Pacific Land by 8.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 126,156 shares of the financial services provider’s stock valued at $92,632,000 after purchasing an additional 9,878 shares during the period. Finally, Mad River Investors boosted its stake in Texas Pacific Land by 199.2% in the 1st quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock valued at $57,921,000 after purchasing an additional 66,663 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analysts Set New Price Targets

Separately, BWS Financial restated a “buy” rating and issued a $917.00 price target on shares of Texas Pacific Land in a research note on Monday, August 12th.

Texas Pacific Land Stock Up 1.8 %

TPL stock opened at $1,066.82 on Friday. Texas Pacific Land Co. has a 52 week low of $467.62 and a 52 week high of $1,077.25. The business has a 50-day simple moving average of $888.62 and a 200 day simple moving average of $752.49. The company has a market cap of $24.52 billion, a PE ratio of 54.88 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share 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 for the quarter, compared to the consensus estimate of $182.35 million. During the same period last year, the company posted $4.35 EPS.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a $1.17 dividend. This represents a $4.68 annualized dividend and a yield of 0.44%. The ex-dividend date was Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio (DPR) is presently 24.07%.

Texas Pacific Land Company 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.