In a recent move, Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has increased its stake in the company. On May 10, 2024, Horizon Kinetics purchased an additional 3 shares of common stock at a price of $622.31 per share, amounting to a total investment of $1,866.
This transaction comes as part of Horizon Kinetics' ongoing investment activities and reflects their continued confidence in Texas Pacific Land Corp, a firm specializing in oil royalty trading. Following this purchase, Horizon Kinetics' total holdings in TPL have reached 1,084,989 shares, as per the latest filings.
The recent filing highlighted the asset management firm's position as a ten percent owner of Texas Pacific Land Corp, demonstrating a significant level of ownership and influence within the company. It's worth noting that on February 28, 2024, Horizon Kinetics had reported beneficial ownership of 1,271,975 shares. Additionally, Murray Stahl, who is associated with Horizon Kinetics, has a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares of Texas Pacific Land Corp, although he does not exercise investment discretion over these securities.
These transactions and ownership details were disclosed in a Form 4 filing with the Securities and Exchange Commission, signed by attorney-in-fact Jay Kesslen on behalf of Horizon Kinetics Asset Management LLC. The ongoing adjustments in Horizon Kinetics' holdings in Texas Pacific Land Corp are closely monitored by investors, as they may signal the asset management firm's strategic direction regarding its investment in the company.
InvestingPro Insights
Amidst Horizon Kinetics' increased stake in Texas Pacific Land Corp (NYSE:TPL), investors are keenly observing the company's financial health and market performance. Texas Pacific Land Corp, with its focus on oil royalty trading, has demonstrated several strengths in its financial metrics, as reflected in the latest data from InvestingPro.
With a market capitalization of $14.03 billion, Texas Pacific Land Corp is trading at a price-to-earnings (P/E) ratio of 32.62, which aligns closely with the adjusted P/E ratio for the last twelve months as of Q1 2024, standing at 32.44. This valuation indicates a premium market perception, which could be attributed to the company's robust gross profit margin of 94.18% in the same period. Moreover, the company has shown a significant return over the last week with a 9.15% price total return, adding to its appeal among investors.
Two InvestingPro Tips that may be particularly relevant for investors considering Texas Pacific Land Corp are:
- The company holds more cash than debt on its balance sheet, indicating a solid liquidity position that could weather economic fluctuations and invest in growth opportunities.
- With an impressive gross profit margin, Texas Pacific Land Corp has demonstrated its ability to efficiently manage its operations and maintain profitability.
For investors looking for deeper insights and additional tips, InvestingPro offers more comprehensive analysis and metrics on Texas Pacific Land Corp. There are 16 additional InvestingPro Tips available, which can provide a more nuanced understanding of the company's financial health and growth prospects. Interested readers can take advantage of a special offer using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
Overall, Texas Pacific Land Corp's strong financial indicators and the recent investment by Horizon Kinetics suggest a continued interest in the company's performance and potential for growth within the oil royalty trading sector.
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