Confluence Wealth Services Inc. Has $1.10 Million Stake in Texas Pacific Land Co. (NYSE:TPL)

Confluence Wealth Services Inc. grew its holdings in Texas Pacific Land Co. (NYSE:TPL) by 17.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,494 shares of the financial services provider’s stock after buying an additional 219 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Texas Pacific Land were worth $1,097,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Texas Pacific Land by 199.8% during the first quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock worth $1,099,867,000 after purchasing an additional 1,267,123 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Texas Pacific Land by 74.2% in the 2nd 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 buying an additional 86,975 shares during the last quarter. Pacific Heights Asset Management LLC increased its stake in shares of Texas Pacific Land by 200.0% in the 1st quarter. Pacific Heights Asset Management LLC now owns 165,000 shares of the financial services provider’s stock valued at $95,454,000 after buying an additional 110,000 shares during the period. Mad River Investors raised its position in shares of Texas Pacific Land by 199.2% during the first quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock worth $57,921,000 after acquiring an additional 66,663 shares during the last quarter. Finally, Hodges Capital Management Inc. lifted its stake in shares of Texas Pacific Land by 130.9% during the first quarter. Hodges Capital Management Inc. now owns 77,137 shares of the financial services provider’s stock valued at $44,625,000 after acquiring an additional 43,726 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TPL. BWS Financial reissued a “buy” rating and set a $917.00 price objective on shares of Texas Pacific Land in a report on Monday, August 12th. StockNews.com cut shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th.

Texas Pacific Land Price Performance

TPL traded down $1.88 during mid-day trading on Friday, hitting $868.89. The stock had a trading volume of 134,775 shares, compared to its average volume of 92,122. Texas Pacific Land Co. has a 1-year low of $467.62 and a 1-year high of $881.12. The firm has a market capitalization of $19.97 billion, a price-to-earnings ratio of 46.19 and a beta of 1.63. The stock’s fifty day simple moving average is $801.66 and its 200-day simple moving average is $663.70.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.98 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 business had revenue of $172.33 million for the quarter, compared to analyst estimates of $182.35 million. During the same period in the prior year, the business earned $4.35 EPS. As a group, research analysts expect that Texas Pacific Land Co. will post 20.14 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be issued a dividend of $1.17 per share. The ex-dividend date of this dividend 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 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.