Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), disclosed a recent purchase of common stock in a regulatory filing. On January 10, the asset management firm acquired one share of Texas Pacific Land at a price of $1,300.78, amounting to a total transaction value of $1,300. This purchase brings Horizon Kinetics' total holdings to 1,167,026 shares in the $30.7 billion market cap company. TPL has demonstrated remarkable performance with a 160% return over the past year, supported by impressive 93% gross profit margins. According to InvestingPro analysis, the stock is currently trading above its Fair Value.
Additionally, the filing reported a transaction involving the distribution of 62 shares to beneficial owners without consideration, which did not affect the overall financial holdings of the firm. The transactions were part of Horizon Kinetics' ongoing management of its investment portfolio in Texas Pacific Land Corp, a company engaged in oil royalty trading. InvestingPro subscribers can access 17 additional key insights about TPL, including detailed analysis of its financial health, which currently rates as "GREAT" based on comprehensive metrics.
In other recent news, Texas Pacific Land Corp has been making significant strides in their financial growth and corporate structure. The company reported strong Q3 2024 earnings with consolidated revenues reaching $174 million and adjusted EBITDA of $144 million. This growth was largely driven by a 37% year-over-year increase in water sales revenues and a record increase in oil and gas royalty production.
Texas Pacific Land is also set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO), reflecting the evolving market capitalizations of the involved companies. This move is in line with Texas Pacific Land's recent corporate governance amendments, which now require a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock.
In addition to these developments, Texas Pacific Land has made strategic acquisitions in the Permian Basin and is on track to complete a desalination facility by mid-2025. Despite an 8% decline in realized oil prices and a 65% drop in natural gas prices, the company maintains a strong balance sheet with zero debt. These recent updates underscore Texas Pacific Land's commitment to diversification and growth.
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