Horizon Kinetics Asset Management LLC, a significant shareholder of Texas Pacific Land Corp (NYSE:TPL), recently acquired additional shares of the company. According to a recent SEC filing, Horizon Kinetics purchased a single share on December 18, 2024, at a price of $1,204.77, marking a total transaction value of $1,204. The transaction comes as TPL, a $25.56 billion market cap company, maintains impressive gross profit margins of 93.27% and carries a "GREAT" financial health rating according to InvestingPro analysis.
This transaction adds to Horizon Kinetics' substantial holdings in Texas Pacific Land Corp, where they now own 1,138,393 shares directly. The filing also noted that, as of the same date, Horizon Kinetics beneficially owns a total of 3,578,173 shares, including interests held by Murray Stahl, who has a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares.
The transaction was executed under the direct ownership of Horizon Kinetics, and the filing was signed by Jay Kesslen, attorney-in-fact, on December 19, 2024.
In other recent news, Texas Pacific Land Corporation (TPL) is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO)., following the latter's acquisition by ConocoPhillips (NYSE:COP). This change comes as part of a broader reshuffle in the indices, reflecting the evolving market capitalizations of the involved companies. On the governance front, TPL has amended its bylaws, now requiring a special meeting to be called upon the request of stockholders owning at least 25% of the outstanding common stock.
In financial developments, TPL reported robust Q3 2024 earnings, with significant growth in oil and gas royalty production and water sales revenues. The company's consolidated revenues reached $174 million, while adjusted EBITDA was reported at $144 million. TPL's water sales revenues increased by 37% year-over-year, largely due to enhanced fracking techniques.
The company also announced a 37% increase in its quarterly dividend to $1.60 per share. Despite an 8% decline in realized oil prices and a 65% drop in natural gas prices, TPL maintains a strong balance sheet with zero debt. Looking ahead, TPL is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities.
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