Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has recently increased its stake in the company with the purchase of additional shares. On April 29, the asset management firm acquired 3 shares of Texas Pacific Land Corp at a price of $602.40 per share, totaling an investment of $1,807.
This transaction adds to Horizon Kinetics Asset Management's already substantial holdings in Texas Pacific Land Corp, further cementing its status as a ten percent owner of the company. Following this purchase, the firm's total ownership in the company stands at 1,084,962 shares, as noted in the footnotes of the SEC filing.
The recent filing with the SEC highlights Horizon Kinetics Asset Management's continued confidence in Texas Pacific Land Corp, a company known for its involvement in oil royalty trading. The transaction was signed off by Jay Kesslen, acting as attorney-in-fact for the firm.
Investors and market watchers often keep an eye on the buying and selling activities of major shareholders like Horizon Kinetics Asset Management, as these can indicate the firm's long-term view on the stock's potential. With this latest acquisition, Horizon Kinetics Asset Management has made a clear statement of its ongoing commitment to Texas Pacific Land Corp.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC bolsters its position in Texas Pacific Land Corp (NYSE:TPL), the investing landscape around TPL shows some compelling financials. The company holds a market capitalization of 13.55 billion USD, reflecting its significant presence in the market. Moreover, with a gross profit margin of 94.69% for the last twelve months as of Q4 2023, Texas Pacific Land Corp demonstrates robust profitability in its operations. This is further underscored by the company's ability to maintain dividend payments for 11 consecutive years, a testament to its financial stability and shareholder-friendly approach.
On the valuation front, TPL's price-to-earnings (P/E) ratio stands at 33.43, indicating that the stock is trading at a relatively high earnings multiple, which could suggest investor optimism about future earnings growth. Additionally, the company's strong return over the last three months, with a 23.95% price total return, aligns with the positive sentiment that may be driving Horizon Kinetics Asset Management's increased stake.
InvestingPro Tips reveal that TPL's cash flows can sufficiently cover interest payments, and liquid assets exceed short-term obligations, providing a cushion for financial resilience. For investors seeking deeper insights, there are 14 additional InvestingPro Tips available for Texas Pacific Land Corp at Investing.com/pro/TPL. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and expert analysis to inform your investment decisions.
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