Confluence Wealth Services Inc. Grows Stake in Texas Pacific Land Co. (NYSE:TPL)

Confluence Wealth Services Inc. increased its holdings in Texas Pacific Land Co. (NYSE:TPL) by 4.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,557 shares of the financial services provider’s stock after purchasing an additional 63 shares during the period. Confluence Wealth Services Inc.’s holdings in Texas Pacific Land were worth $1,377,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Avantax Advisory Services Inc. boosted its position in shares of Texas Pacific Land by 204.2% during the first quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider’s stock worth $584,000 after acquiring an additional 678 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Texas Pacific Land by 229.3% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,054 shares of the financial services provider’s stock valued at $8,709,000 after purchasing an additional 10,483 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Texas Pacific Land by 220.7% during the first quarter. Van ECK Associates Corp now owns 4,137 shares of the financial services provider’s stock valued at $2,393,000 after purchasing an additional 2,847 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Texas Pacific Land by 174.6% in the first quarter. Russell Investments Group Ltd. now owns 11,757 shares of the financial services provider’s stock worth $6,802,000 after purchasing an additional 7,476 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Texas Pacific Land by 56.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,497 shares of the financial services provider’s stock worth $10,645,000 after buying an additional 5,255 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Trading Up 0.6 %

Shares of NYSE:TPL opened at $1,172.62 on Friday. The company has a market cap of $26.95 billion, a price-to-earnings ratio of 60.32 and a beta of 1.56. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $1,189.91. The company has a 50-day moving average price of $949.96 and a 200 day moving average price of $792.07.

Texas Pacific Land (NYSE:TPL) last announced its 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). The company had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. During the same quarter last year, the firm posted $4.35 EPS.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a dividend of $1.17 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.40%. Texas Pacific Land’s dividend payout ratio is presently 24.07%.

Wall Street Analysts Forecast Growth

Separately, BWS Financial restated a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a report on Monday, August 12th.

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.