Meridian Management Co. purchased a new position in shares of Texas Pacific Land Co. (NYSE:TPL – Get Rating) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 966 shares of the financial services provider's stock, valued at approximately $1,306,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of TPL. Prospera Financial Services Inc purchased a new position in Texas Pacific Land in the first quarter valued at $27,000. Herold Advisors Inc. purchased a new position in Texas Pacific Land in the first quarter valued at $81,000. Arlington Partners LLC boosted its holdings in Texas Pacific Land by 18.5% in the first quarter. Arlington Partners LLC now owns 64 shares of the financial services provider's stock valued at $87,000 after purchasing an additional 10 shares during the period. Lloyd Advisory Services LLC. boosted its holdings in Texas Pacific Land by 530.0% in the first quarter. Lloyd Advisory Services LLC. now owns 126 shares of the financial services provider's stock valued at $170,000 after purchasing an additional 106 shares during the period. Finally, Transcend Capital Advisors LLC purchased a new position in Texas Pacific Land in the first quarter valued at $203,000. 56.25% of the stock is currently owned by hedge funds and other institutional investors.
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Texas Pacific Land Stock Performance
NYSE TPL traded down $68.16 during trading on Friday, reaching $1,676.44. 47,789 shares of the company's stock were exchanged, compared to its average volume of 27,946. The stock has a market cap of $12.94 billion, a P/E ratio of 34.19 and a beta of 2.00. The company has a 50 day moving average price of $1,642.82 and a two-hundred day moving average price of $1,428.31. Texas Pacific Land Co. has a 1 year low of $946.29 and a 1 year high of $1,886.04.
Texas Pacific Land Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 8th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date of this dividend is Wednesday, September 7th. Texas Pacific Land's dividend payout ratio (DPR) is 24.47%.
Texas Pacific Land Profile
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Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company's Land and Resource Management segment manages approximately 880,000 acres of land. This segment also holds own 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 located in the western part of Texas.
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