In a recent transaction involving Texas Pacific Land Corp (NYSE:TPL), Horizon Kinetics Asset Management LLC acquired 3 shares of common stock on December 9, 2024. The shares were purchased at a price of $1,357.63 each, amounting to a total value of $4,072. According to InvestingPro analysis, TPL currently appears overvalued despite its impressive 158% year-to-date return and remarkable 93% gross profit margin. Following this acquisition, Horizon Kinetics holds a significant stake in the company, with a total of 1,138,502 shares owned directly.
Horizon Kinetics Asset Management LLC, recognized as a ten percent owner in Texas Pacific Land Corp, continues to maintain a substantial position in the company. According to a previous filing on February 28, 2024, Horizon Kinetics reported beneficial ownership of 1,271,975 shares. This includes Murray Stahl's direct interest in 2,474 shares and his indirect interest in approximately 53,550 shares. Notably, Mr. Stahl does not exercise investment discretion over the securities of the issuer.
The transaction was signed by Jay Kesslen, attorney-in-fact, on December 10, 2024.
In other recent news, Texas Pacific Land Corp has been making significant strides. The company is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO), a move that reflects the company's growing market capitalization. In addition to this, Texas Pacific Land has made considerable amendments to its corporate governance structure, including changes to bylaws and meeting rules, granting more power to stockholders.
Recently, the company reported strong Q3 2024 earnings, with a notable increase in oil and gas royalty production and water sales revenues. Texas Pacific Land's consolidated revenues reached $174 million, and adjusted EBITDA was reported at $144 million. Furthermore, the company announced a 37% increase in its quarterly dividend to $1.60 per share.
Despite challenges such as an 8% decline in realized oil prices and a 65% drop in natural gas prices, Texas Pacific Land maintains a strong balance sheet with zero debt. Looking ahead, the company 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 Texas Pacific Land's commitment to diversification and growth.
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