Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has reported a recent acquisition of the company's stock. According to a recent SEC filing, the firm purchased one share of Texas Pacific Land Corp at a price of $1,399.62, totaling $1,399. The transaction comes as TPL maintains impressive financial metrics, with a market capitalization of $31.95 billion and industry-leading gross profit margins of 93%. InvestingPro analysis indicates the stock is trading above its Fair Value, with 18 additional key insights available to subscribers.
Following this transaction, Horizon Kinetics now holds 1,167,969 shares directly. It's important to note that Horizon Kinetics has previously disclosed beneficial ownership of a larger number of shares, reflecting their broader stake in the company. The filing also notes that Murray Stahl, associated with Horizon Kinetics, has a direct interest in additional shares but does not exercise investment discretion over these securities. TPL has demonstrated strong performance, with a remarkable 190% return over the past year.
This transaction underscores Horizon Kinetics' continued interest in Texas Pacific Land Corp, a company involved in oil royalty trading. Investors often watch such transactions closely, as they can signal confidence in the company's prospects. For comprehensive analysis and detailed metrics, including TPL's complete financial health score of "GREAT," access the full Pro Research Report on InvestingPro.
In other recent news, Texas Pacific Land Corp. has been making significant strides in both its financial performance and structural changes. The company reported strong Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA at $144 million. This growth was largely due to a 37% increase in water sales revenues and a record increase in oil and gas royalty production, despite an 8% decline in realized oil prices and a 65% drop in natural gas prices.
In addition, Texas Pacific Land Corp. has announced its impending entry into the S&P 500, replacing Marathon Oil Corp (NYSE:MRO)., reflecting the company's evolving market capitalization. This move will occur as Marathon Oil is being acquired by ConocoPhillips (NYSE:COP).
Furthermore, the company has made significant amendments to its corporate governance structure, requiring a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock. This aligns with the newly adopted Third Amended and Restated Bylaws.
Finally, Texas Pacific Land Corp. is exploring non-oil and gas revenue opportunities, including solar, wind, data centers, and the beneficial reuse of produced water, underscoring its commitment to diversification and growth. These are among the recent developments for the company.
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