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Texas Pacific Land Corp sees stock purchase by Horizon Kinetics

Published 01/11/2025, 01:18 AM

TPL
1.42%

Horizon Kinetics Asset Management LLC, a significant stakeholder in Texas Pacific Land Corp (NYSE:TPL), has made a recent acquisition of the company's common stock. According to a filing with the Securities and Exchange Commission, Horizon Kinetics acquired 1 share at a price of $1,255.81, totaling $1,255. This transaction increases Horizon Kinetics' direct ownership to 1,168,025 shares in the $29.69 billion market cap company. TPL has demonstrated remarkable performance with a 158% return over the past year, supported by impressive gross profit margins of 93%.

The purchase was executed on January 8, 2025, as part of Horizon Kinetics' ongoing investment strategy. According to InvestingPro analysis, TPL is currently trading above its Fair Value, with 17+ additional insights available to subscribers. The filing also notes that Murray Stahl, associated with Horizon Kinetics, holds a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares of Texas Pacific Land Corp.

In other recent news, Texas Pacific Land Corporation has been making significant strides. The company is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO), a development that reflects the company's growing market capitalization. This move comes as Marathon Oil is being acquired by ConocoPhillips (NYSE:COP). Furthermore, Texas Pacific Land has made amendments to its bylaws, now requiring a special meeting to be called upon the request of stockholders owning at least 25% of the outstanding common stock. This change is part of the company's efforts to streamline its governance practices.

Texas Pacific Land has also reported robust Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA at $144 million. Notably, the company's water sales revenues saw a 37% year-over-year increase, largely due to enhanced fracking techniques. The company also announced a 37% increase in its quarterly dividend to $1.60 per share. 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, including solar, wind, data centers, and the beneficial reuse of produced water. These developments underscore the company's commitment to diversification and growth.

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