Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has added to its holdings by purchasing one share of the company's common stock. The transaction, which took place on December 19, 2024, was executed at a price of $1,109 per share, amid a challenging week that saw TPL's stock decline by 8.5%. This purchase brings Horizon Kinetics' total direct ownership to 1,138,394 shares in the $25.3 billion market cap company. According to InvestingPro, TPL maintains impressive gross profit margins of 93.3%.
The filing also notes that Horizon Kinetics, through an amendment to its Schedule 13D, disclosed beneficial ownership of 3,578,173 shares, with Murray Stahl, a related party, having a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares. The transaction does not involve any equity swaps, and the shares are held directly.
This move indicates a continued interest and investment by Horizon Kinetics in Texas Pacific Land Corp, an oil royalty company based in Dallas, Texas.
In other recent news, Texas Pacific Land Corp reported substantial growth in its Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA standing at $144 million. The company's water sales revenues saw a 37% year-over-year increase, largely due to enhanced fracking techniques, and the quarterly dividend was boosted by 37% to $1.60 per share. A noteworthy development is Texas Pacific Land's plan to join the S&P 500, replacing Marathon Oil (NYSE:MRO), a move reflecting the company's evolving market capitalization.
In addition to financial growth, Texas Pacific Land 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 change aligns with the newly adopted Third Amended and Restated Bylaws.
Looking ahead, Texas Pacific Land is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities, such as solar, wind, data centers, and the beneficial reuse of produced water. These developments underscore the company's commitment to diversification and growth. It's important to note that these are recent developments and should be considered in the context of the company's overall performance and strategic direction.
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