Horizon Kinetics Asset Management LLC, a significant stakeholder in Texas Pacific Land Corp (NYSE:), has reported a recent purchase of common stock. On November 29, the asset management firm acquired three shares at a price of $1,681.03 each, totaling $5,043. This transaction increases Horizon Kinetics’ holdings to 1,138,484 shares. The company, currently valued at $34.7 billion, has demonstrated impressive performance with a 211.2% year-to-date return and maintains industry-leading gross profit margins of 93.27%.
The filing also highlights that Horizon Kinetics holds a substantial interest in Texas Pacific Land Corp, with an earlier amendment to its Schedule 13D indicating beneficial ownership of 1,271,975 shares. This includes direct and indirect interests held by Murray Stahl, a key figure associated with the firm. Despite this significant ownership, Mr. Stahl does not exercise investment discretion over these securities. According to InvestingPro analysis, TPL currently appears overvalued relative to its Fair Value, though it maintains a “GREAT” overall financial health score. Investors seeking deeper insights can access 18 additional ProTips and comprehensive analysis through the Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Texas Pacific Land Corporation has been making significant strides in its financial performance and corporate structure. The company reported robust Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA of $144 million. This growth has been attributed to a substantial increase in oil and gas royalty production and water sales revenues, which saw a 37% year-over-year increase. Furthermore, Texas Pacific Land announced a 37% increase in its quarterly dividend to $1.60 per share.
Simultaneously, the company has been making amendments to its corporate governance structure, requiring a special meeting to be called upon the request of stockholders owning at least 25% of the outstanding common stock. This change is in line with the newly adopted Third Amended and Restated Bylaws.
In addition, Texas Pacific Land is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:). This change is due to Marathon Oil being acquired by ConocoPhillips (NYSE:), with Texas Pacific Land now more accurately representing the large-cap market space.
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 recent developments demonstrate Texas Pacific Land’s commitment to diversification and growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
