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 an additional 3 shares of Texas Pacific Land Corp at a price of $607.39 each, totaling an investment of $1,822.
This acquisition is part of Horizon Kinetics' ongoing investment strategy and reflects their continued confidence in the oil royalty trader's business. Following this transaction, Horizon Kinetics has reported beneficial ownership of 1,271,975 shares in the company. It's worth noting that in a previous amendment to its Schedule 13D filed on February 28, 2024, Horizon Kinetics disclosed beneficial ownership of a larger number of shares, which included both direct and indirect interests.
The recent purchase by Horizon Kinetics underscores the firm's commitment to its position in Texas Pacific Land Corp, a company with a significant role in the oil royalty trading industry, operating primarily within the state of Texas. The transaction further solidifies Horizon Kinetics' status as a major shareholder with a ten percent ownership stake in the company.
Investors and market watchers often keep a close eye on such transactions, as they may indicate the confidence key stakeholders have in the company's current performance and future prospects. With this latest move, Horizon Kinetics continues to maintain a substantial presence in Texas Pacific Land Corp's shareholder registry.
The details of this transaction were made public in a Form 4 filing with the Securities and Exchange Commission, dated May 15, 2024.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC bolsters its investment in Texas Pacific Land Corp (NYSE:TPL), the market is observing several notable metrics and trends related to the company's financial performance. To provide investors with a deeper understanding of TPL's current market position, we have gathered some real-time data from InvestingPro that highlights key financial aspects.
One of the standout InvestingPro Data points is Texas Pacific Land Corp's gross profit margin, which for the last twelve months as of Q1 2024, stands at a robust 94.18%. This figure not only demonstrates the company's ability to maintain high profitability but also aligns with the InvestingPro Tip that highlights TPL's impressive gross profit margins. Additionally, TPL's return on assets during the same period is a strong 39.15%, signaling efficient use of its assets to generate earnings.
Investors may also be interested in the company's recent stock performance, which has seen a significant return over the last week, with a 7.84% price total return. This short-term growth complements the company's long-term success, as indicated by a 34.12% price total return over the last year. This aligns with another InvestingPro Tip, which points out TPL's strong return over the last five years.
Despite a slight revenue decline of 1.06% in the last twelve months as of Q1 2024, TPL's quarterly revenue growth in Q1 2024 was 18.98%, suggesting a potential rebound or growth in recent periods. This data, combined with the InvestingPro Tips, provides a nuanced view of the company's financial health and performance. For investors seeking additional insights, there are more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/TPL. Using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a total of 15 InvestingPro Tips for Texas Pacific Land Corp.
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