Meridian Management Co. Reduces Stake in Texas Pacific Land Co. (NYSE:TPL)

Meridian Management Co. lowered its holdings in Texas Pacific Land Co. (NYSE:TPL) by 37.1% during the third quarter, HoldingsChannel reports. The fund owned 2,562 shares of the financial services provider’s stock after selling 1,512 shares during the period. Meridian Management Co.’s holdings in Texas Pacific Land were worth $2,267,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $25,000. Compagnie Lombard Odier SCmA purchased a new position in shares of Texas Pacific Land in the 3rd quarter valued at about $44,000. American National Bank purchased a new position in shares of Texas Pacific Land in the 2nd quarter valued at about $42,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Texas Pacific Land during the 2nd quarter worth approximately $44,000. Finally, Signaturefd LLC grew its stake in Texas Pacific Land by 16.9% during the 3rd quarter. Signaturefd LLC now owns 90 shares of the financial services provider’s stock worth $80,000 after buying an additional 13 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Stock Up 1.8 %

NYSE:TPL opened at $1,398.65 on Tuesday. The stock’s 50 day moving average price is $1,003.70 and its 200 day moving average price is $825.75. The company has a market capitalization of $32.13 billion, a PE ratio of 71.76 and a beta of 1.56. Texas Pacific Land Co. has a 52-week low of $467.62 and a 52-week high of $1,417.72.

Texas Pacific Land Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.84%.

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 research note on Monday, August 12th.

Texas Pacific Land Company 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.