In a recent transaction, Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has increased its stake in the company. The asset management firm purchased additional shares of Texas Pacific Land Corp, a move that indicates its ongoing commitment to the oil royalty trader.
The transaction, dated May 15, 2024, involved the acquisition of 3 shares at a price of $602.07 each, totaling an investment of $1,806. This purchase adds to Horizon Kinetics Asset Management's already substantial holdings in the company, which, as of February 28, 2024, included beneficial ownership of 1,271,975 shares. Additionally, Murray Stahl, associated with Horizon Kinetics Asset Management, has a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares.
It's worth noting that while Horizon Kinetics Asset Management is a ten percent owner of Texas Pacific Land Corp, Murray Stahl does not exercise investment discretion with respect to the securities of the issuer. The extent of Horizon Kinetics Asset Management's pecuniary interest in these shares is detailed in the footnotes of their Schedule 13D amendment.
The recent purchase by Horizon Kinetics Asset Management reaffirms its position in Texas Pacific Land Corp and could be of interest to investors monitoring the company's shareholder landscape. The transaction was signed off by Jay Kesslen, attorney-in-fact, on May 16, 2024.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC increases its stake in Texas Pacific Land Corp, investors may be interested in key financial metrics and expert insights that could impact their investment decisions. According to recent data from InvestingPro, Texas Pacific Land Corp holds a market capitalization of $13.83 billion, showcasing its significant presence in the market. The company's gross profit margin is notably high at 94.18% for the last twelve months as of Q1 2024, indicating efficient operations and strong control over costs.
InvestingPro Tips suggest that Texas Pacific Land Corp's financial health appears robust. The company holds more cash than debt on its balance sheet, which is a reassuring sign for investors looking for stability. Additionally, the firm has maintained dividend payments for 11 consecutive years, a testament to its commitment to returning value to shareholders. With a dividend yield of 0.78%, investors may find Texas Pacific Land Corp an attractive option for steady income.
Moreover, the company's stock has demonstrated a strong return over the last three months, with a price total return of 19.64%. This performance is indicative of the company's resilience and market confidence. For investors seeking more comprehensive analysis and additional insights, InvestingPro offers a total of 15 InvestingPro Tips for Texas Pacific Land Corp, which can be accessed via https://www.investing.com/pro/TPL. To further enhance your research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.