In a recent transaction, Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has expanded its holdings in the company. The asset management firm purchased additional shares of Texas Pacific Land Corp, a move that underscores its ongoing interest in the oil royalty trader.
The acquisition involved the purchase of 3 shares at a price of $615.48 each, totaling approximately $1,846. This transaction took place on May 28, 2024, and was disclosed in a filing made public the following day. Following this transaction, Horizon Kinetics Asset Management's total beneficial ownership in Texas Pacific Land Corp stands at 1,085,022 shares.
The recent filing also references a footnote detailing the beneficial ownership reported by Horizon Kinetics Asset Management LLC as of February 28, 2024. At that time, the firm had reported beneficial ownership of 1,271,975 shares. Additionally, it mentioned Murray Stahl's direct interest in 2,474 shares and his indirect interest in approximately 53,550 shares. However, the filing clarified that Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer.
The purchase by Horizon Kinetics Asset Management LLC reflects the latest in a series of investments the firm has made in Texas Pacific Land Corp. Investors often monitor such transactions closely as they may indicate the asset management firm's confidence in the company's future prospects.
Texas Pacific Land Corp, with its ticker symbol TPL, is known for its involvement in the oil royalty trading industry. The company's business address is located in Dallas, Texas, and it operates within the real estate and construction sector under the standard industrial classification of oil royalty traders.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC increases its stake in Texas Pacific Land Corp (NYSE:TPL), investors are keen to understand the underlying financial health and prospects of the company. Texas Pacific Land Corp's impressive financial metrics provide a backdrop for the investment firm's recent acquisition of additional shares. With a market capitalization of $13.93 billion, the company showcases its substantial presence in the industry.
One of the standout features of Texas Pacific Land Corp is its remarkable gross profit margin, which stands at 94.18% for the last twelve months as of Q1 2024. This indicates the company's efficiency in maintaining profitability relative to its revenue, a factor that can be particularly appealing to investors like Horizon Kinetics Asset Management LLC. Moreover, the company has displayed a strong return over the last three months, with a total price return of 17.52%, reflecting positive investor sentiment and potential for growth.
InvestingPro Tips highlight several key strengths of Texas Pacific Land Corp, including the company's ability to hold more cash than debt on its balance sheet, which provides financial stability and flexibility. Additionally, the company's ability to consistently pay dividends, having done so for 11 consecutive years, underscores its commitment to returning value to shareholders.
For investors looking to delve deeper into Texas Pacific Land Corp's financials and future outlook, InvestingPro offers additional tips. There are currently 15 additional InvestingPro Tips available, which can provide more comprehensive guidance on the potential investment opportunities and risks associated with the company. Interested readers can access these tips and gain further insights by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/TPL.
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