Edgestream Partners L.P. Invests $1.65 Million in Texas Pacific Land Co. (NYSE:TPL)

Edgestream Partners L.P. purchased a new position in shares of Texas Pacific Land Co. (NYSE:TPL) during the second quarter, HoldingsChannel reports. The fund purchased 1,250 shares of the financial services provider’s stock, valued at approximately $1,646,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kalos Management Inc. bought a new position in shares of Texas Pacific Land during the first quarter worth $26,000. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Texas Pacific Land by 250.0% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 15 shares in the last quarter. Fred Alger Management LLC bought a new position in shares of Texas Pacific Land during the third quarter worth $41,000. CVA Family Office LLC acquired a new stake in shares of Texas Pacific Land during the second quarter worth $42,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Texas Pacific Land during the fourth quarter worth $42,000. 60.40% of the stock is owned by institutional investors.

Texas Pacific Land Stock Down 0.8 %

Shares of NYSE:TPL opened at $1,638.42 on Tuesday. Texas Pacific Land Co. has a 12 month low of $1,266.21 and a 12 month high of $2,668.98. The company’s fifty day simple moving average is $1,802.52 and its 200 day simple moving average is $1,618.71. The firm has a market cap of $12.57 billion, a price-to-earnings ratio of 32.14 and a beta of 1.75.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a dividend of $3.25 per share. The ex-dividend date is Thursday, November 30th. This represents a $13.00 annualized dividend and a yield of 0.79%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 25.51%.

Insiders Place Their Bets

In other Texas Pacific Land news, VP Micheal W. Dobbs sold 100 shares of the business’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $1,851.77, for a total transaction of $185,177.00. Following the sale, the vice president now directly owns 268 shares of the company’s stock, valued at approximately $496,274.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have acquired 103 shares of company stock valued at $186,172 in the last three months. 20.04% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TPL. StockNews.com began coverage on shares of Texas Pacific Land in a report on Thursday, October 5th. They set a “hold” rating on the stock. Stifel Nicolaus raised their price objective on shares of Texas Pacific Land from $1,371.00 to $1,622.00 in a report on Friday, August 11th.

About Texas Pacific Land

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 surface 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.