Cortland Associates Inc. MO Sells 26,379 Shares of Texas Pacific Land Co. (NYSE:TPL)

Cortland Associates Inc. MO lowered its stake in Texas Pacific Land Co. (NYSE:TPL) by 63.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 14,884 shares of the financial services provider’s stock after selling 26,379 shares during the quarter. Texas Pacific Land accounts for 1.9% of Cortland Associates Inc. MO’s portfolio, making the stock its 17th biggest position. Cortland Associates Inc. MO owned 0.06% of Texas Pacific Land worth $16,461,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in Texas Pacific Land in the third quarter worth about $25,000. Compagnie Lombard Odier SCmA bought a new stake in Texas Pacific Land in the 3rd quarter worth approximately $44,000. Quest Partners LLC bought a new stake in Texas Pacific Land in the 3rd quarter worth approximately $50,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Texas Pacific Land in the 4th quarter worth approximately $66,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in Texas Pacific Land by 21.1% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 69 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 12 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 210 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total value of $291,549.30. Following the sale, the chief accounting officer now owns 584 shares in the company, valued at $810,784.72. This represents a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired 73 shares of company stock valued at $100,462 in the last ninety days. Corporate insiders own 6.50% of the company’s stock.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock opened at $1,272.85 on Thursday. The stock has a market cap of $29.25 billion, a price-to-earnings ratio of 65.31 and a beta of 1.68. The stock has a 50 day moving average price of $1,317.58 and a 200-day moving average price of $1,087.45. Texas Pacific Land Co. has a one year low of $467.62 and a one year high of $1,769.14.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $4.63 earnings per share for the quarter. The business had revenue of $173.56 million during the quarter. Texas Pacific Land had a return on equity of 40.57% and a net margin of 65.34%. During the same quarter in the prior year, the company posted $4.58 earnings per share.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 0.50%. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17. The ex-dividend date of this dividend was Monday, December 2nd. Texas Pacific Land’s payout ratio is presently 32.84%.

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.