Horizon Kinetics Asset Management LLC, a prominent asset management firm, recently increased its stake in Texas Pacific Land Corp (NYSE:TPL), a $29.4 billion market cap company that has delivered an impressive 152% return year-to-date. According to a filing with the Securities and Exchange Commission, the firm purchased two shares of common stock at an average price of $1,319.54 each, amounting to a total transaction value of $2,639. Following this transaction, Horizon Kinetics now holds a total of 1,138,504 shares in the company. This acquisition highlights the firm's continued interest in Texas Pacific Land Corp, a company known for its oil royalty operations and exceptional 93% gross profit margins. According to InvestingPro, TPL maintains a strong financial health rating and holds more cash than debt on its balance sheet. Subscribers can access 15+ additional ProTips and a comprehensive Pro Research Report covering TPL's complete financial picture.
In other recent news, Texas Pacific Land Corporation is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO), following Marathon Oil's acquisition by ConocoPhillips (NYSE:COP). This change is part of a broader adjustment reflecting evolving market capitalizations. In parallel, Texas Pacific Land has made significant amendments to its corporate governance structure, requiring a special meeting upon the request of stockholders owning at least 25% of the outstanding common stock.
On the financial front, Texas Pacific Land reported robust Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA at $144 million. The company also announced a 37% increase in its quarterly dividend to $1.60 per share. 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.
Looking ahead, Texas Pacific Land is exploring non-oil and gas revenue opportunities, including solar, wind, data centers, and the beneficial reuse of produced water. The company is also on track to complete a desalination facility by mid-2025. These developments are part of Texas Pacific Land's commitment to diversification and growth.
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