In a recent transaction, Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has made a minor addition to its holdings in the company. The asset management firm purchased 3 shares of common stock at a price of $606.71 each, totaling an investment of $1,820.
This transaction, which took place on May 13, 2024, has slightly increased Horizon Kinetics Asset Management's stake in the oil royalty trader. Following the purchase, the firm's total ownership in Texas Pacific Land Corp amounts to 1,084,992 shares. It's worth noting that on February 28, 2024, Horizon Kinetics had reported beneficial ownership of 1,271,975 shares, with Murray Stahl, the firm's representative, having a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares.
Despite being a relatively small transaction, it reflects Horizon Kinetics Asset Management's ongoing interest in Texas Pacific Land Corp. The details of the transaction were filed as required by the Securities and Exchange Commission and signed by attorney-in-fact Jay Kesslen on May 14, 2024. The disclosure provides transparency into the trading activities of significant shareholders and executives of publicly traded companies.
Investors often monitor such filings to gain insights into the actions of major stakeholders, which can sometimes provide signals about the company's performance or the value seen by these insiders.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC increases its position in Texas Pacific Land Corp (NYSE:TPL), investors may find it beneficial to consider key financial metrics and InvestingPro Tips. Texas Pacific Land Corp holds a strong financial position with a market capitalization of $13.92 billion, reflecting its substantial presence in the industry.
One notable InvestingPro Tip is the company's impressive gross profit margins, which stand at a robust 94.18% for the last twelve months as of Q1 2024. This high margin is indicative of the company's efficient operations and pricing power within its market. Additionally, Texas Pacific Land Corp has maintained dividend payments for 11 consecutive years, showcasing a commitment to returning value to shareholders. The dividend yield as of the latest data point is 0.77%, with a dividend growth of 8.0% in the last twelve months as of Q1 2024, which could appeal to income-focused investors.
From a valuation perspective, Texas Pacific Land Corp is trading at a high earnings multiple, with a P/E ratio of 32.32 and an adjusted P/E ratio of 32.07 for the last twelve months as of Q1 2024. This indicates that investors are willing to pay a premium for the company's earnings, which may be due to its solid track record and future earnings potential. Furthermore, the company's stock generally trades with low price volatility, which could be attractive to investors seeking stability in their portfolio.
For those interested in further insights, there are additional InvestingPro Tips available, which could provide a deeper understanding of Texas Pacific Land Corp's financial health and growth prospects. By using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, which includes a comprehensive list of tips and real-time metrics. Visit https://www.investing.com/pro/TPL to explore more about Texas Pacific Land Corp's financial standing and market performance.
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