Adams Natural Resources Fund Inc. Invests $6.14 Million in Texas Pacific Land Co. (NYSE:TPL)

Adams Natural Resources Fund Inc. bought a new stake in Texas Pacific Land Co. (NYSE:TPL) in the fourth quarter, HoldingsChannel reports. The fund bought 5,550 shares of the financial services provider’s stock, valued at approximately $6,138,000. Texas Pacific Land makes up approximately 1.0% of Adams Natural Resources Fund Inc.’s investment portfolio, making the stock its 23rd biggest position.

Several other hedge funds have also modified their holdings of TPL. State Street Corp raised its stake in shares of Texas Pacific Land by 3.8% during the third quarter. State Street Corp now owns 762,627 shares of the financial services provider’s stock valued at $674,727,000 after purchasing an additional 27,884 shares during the period. Geode Capital Management LLC increased its stake in Texas Pacific Land by 21.5% during the 3rd quarter. Geode Capital Management LLC now owns 462,518 shares of the financial services provider’s stock worth $411,943,000 after buying an additional 81,974 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Texas Pacific Land by 31.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 179,635 shares of the financial services provider’s stock worth $198,669,000 after buying an additional 43,217 shares in the last quarter. Douglass Winthrop Advisors LLC boosted its position in Texas Pacific Land by 0.3% in the 4th quarter. Douglass Winthrop Advisors LLC now owns 99,457 shares of the financial services provider’s stock valued at $109,995,000 after buying an additional 259 shares during the last quarter. Finally, York GP Ltd. acquired a new stake in shares of Texas Pacific Land during the fourth quarter valued at about $101,859,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Texas Pacific Land

In other news, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the completion of the transaction, the vice president now owns 1,393 shares in the company, valued at approximately $1,771,227.36. This trade represents a 45.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Chris Steddum sold 214 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total value of $281,193.86. Following the sale, the chief financial officer now directly owns 3,502 shares in the company, valued at approximately $4,601,592.98. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 57 shares of company stock valued at $75,675. Insiders own 6.50% of the company’s stock.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $1,275.33 on Friday. The stock has a market cap of $29.31 billion, a price-to-earnings ratio of 64.67 and a beta of 1.69. Texas Pacific Land Co. has a one year low of $555.71 and a one year high of $1,769.14. The business’s 50-day simple moving average is $1,350.80 and its 200 day simple moving average is $1,220.56.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share (EPS) for the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%. The company had revenue of $185.78 million for the quarter.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 0.50%. The ex-dividend date was Monday, March 3rd. Texas Pacific Land’s dividend payout ratio is currently 32.45%.

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.