Meridian Management Co. Sells 93 Shares of Texas Pacific Land Co. (NYSE:TPL)

Meridian Management Co. cut its stake in shares of Texas Pacific Land Co. (NYSE:TPL) by 2.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,074 shares of the financial services provider’s stock after selling 93 shares during the period. Meridian Management Co.’s holdings in Texas Pacific Land were worth $2,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jump Financial LLC lifted its holdings in shares of Texas Pacific Land by 53.4% in the 4th quarter. Jump Financial LLC now owns 339 shares of the financial services provider’s stock worth $533,000 after acquiring an additional 118 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Texas Pacific Land by 12.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 35,480 shares of the financial services provider’s stock valued at $55,798,000 after buying an additional 3,903 shares during the period. Panagora Asset Management Inc. boosted its position in shares of Texas Pacific Land by 143.9% during the fourth quarter. Panagora Asset Management Inc. now owns 1,283 shares of the financial services provider’s stock valued at $2,017,000 after buying an additional 757 shares during the period. Balentine LLC grew its stake in shares of Texas Pacific Land by 3.7% during the fourth quarter. Balentine LLC now owns 278 shares of the financial services provider’s stock valued at $437,000 after buying an additional 10 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Texas Pacific Land by 10.9% in the fourth quarter. Franklin Resources Inc. now owns 2,040 shares of the financial services provider’s stock worth $3,208,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TPL shares. BWS Financial reaffirmed a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research report on Monday, August 12th. StockNews.com downgraded shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th.

Texas Pacific Land Stock Up 1.6 %

Shares of NYSE:TPL opened at $807.23 on Friday. The business’s 50 day moving average is $814.43 and its 200 day moving average is $683.39. The stock has a market cap of $18.55 billion, a P/E ratio of 42.91 and a beta of 1.60. Texas Pacific Land Co. has a 52-week low of $467.62 and a 52-week high of $881.12.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results 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). Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. The firm had revenue of $172.33 million for the quarter, compared to analysts’ expectations of $182.35 million. During the same quarter in the prior year, the business posted $4.35 EPS. On average, sell-side analysts anticipate that Texas Pacific Land Co. will post 20.14 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a $1.17 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $4.68 annualized dividend and a dividend yield of 0.58%. Texas Pacific Land’s payout ratio is presently 24.88%.

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.