Horizon Kinetics Asset Management LLC has made a new investment in Texas Pacific Land Corp (NYSE:TPL), purchasing shares of the company's common stock. The transaction took place on April 24, 2024, with the asset management firm acquiring a total of 3 shares at a price of $589.01 each, amounting to a total investment of $1,767.
The purchase adds to Horizon Kinetics Asset Management's significant holdings in Texas Pacific Land Corp, a firm known for its involvement in oil royalty trading. Following the transaction, the asset management company now owns a total of 1,084,953 shares of common stock in Texas Pacific Land Corp.
This investment move is notable as Horizon Kinetics Asset Management is a ten percent owner of the company, indicating a substantial level of ownership and potential influence. The transaction was carried out directly by the asset management firm without any equity swaps involved.
Investors may find this purchase interesting as it reflects Horizon Kinetics Asset Management's ongoing confidence in the value and future prospects of Texas Pacific Land Corp. The company's shares are publicly traded on the New York Stock Exchange under the ticker symbol NYSE:TPL.
For additional context, on February 28, 2024, Horizon Kinetics Asset Management had filed an amendment to its Schedule 13D, which disclosed beneficial ownership of 1,271,975 shares. The filing also noted the direct and indirect interest of Murray Stahl in the company's shares. However, it was stated that Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer.
The recent transaction was signed off by Jay Kesslen, acting as attorney-in-fact, on April 25, 2024. The purchase by Horizon Kinetics Asset Management underscores the firm's commitment to its investment in Texas Pacific Land Corp and provides investors with an updated view of the company's shareholder landscape.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC increases its stake in Texas Pacific Land Corp (NYSE:TPL), investors and market watchers are keen to understand the financial metrics that might be influencing such investment decisions. According to the latest data from InvestingPro, Texas Pacific Land Corp boasts a market capitalization of $13.47 billion, with a Price to Earnings (P/E) Ratio standing at 33.39. This valuation metric suggests that the company is trading at a higher earnings multiple, which is often indicative of investor expectations for future growth or a strong competitive position in the market.
Another metric that stands out is the company's Gross Profit Margin, which at a remarkable 94.69% for the last twelve months as of Q1 2023, underscores the firm's ability to retain a significant portion of its sales revenue after accounting for the cost of goods sold. This impressive gross profit margin is a key factor that might be attracting investment firms like Horizon Kinetics.
Investors should also note the company's performance in terms of returns, with a strong 18.51% price total return over the last three months. This performance is a testament to the company's robust financial health and investor confidence.
For those considering following in the footsteps of Horizon Kinetics Asset Management, the PRONEWS24 coupon code offers an additional 10% off a yearly or biyearly Pro and Pro+ subscription to InvestingPro, where subscribers can access an additional 14 InvestingPro Tips. These tips include insights such as Texas Pacific Land Corp’s ability to hold more cash than debt, its history of maintaining dividend payments for 11 consecutive years, and its trading pattern characterized by low price volatility. These factors could provide valuable context in assessing the company's investment appeal.
For more detailed analysis and tips, such as whether analysts predict the company will be profitable this year or the company's strong return over the last five years, interested parties can visit https://www.investing.com/pro/TPL to explore the full range of InvestingPro Tips and make informed investment decisions.
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