Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), reported a purchase of common stock according to a recent SEC filing. The transaction, dated December 16, 2024, involved the acquisition of one share at a price of $1,231.50, totaling $1,231. TPL, currently valued at $27.6 billion, has demonstrated remarkable performance with a 136% return year-to-date, though InvestingPro analysis suggests the stock is trading above its Fair Value.
Following this transaction, Horizon Kinetics holds 1,138,512 shares in Texas Pacific Land Corp. This transaction is part of the firm's ongoing investment strategy in the oil royalty trading sector. The company boasts impressive fundamentals, including a 93% gross profit margin and strong returns on equity of 44%. InvestingPro subscribers can access 17 additional investment tips and a comprehensive Pro Research Report for deeper analysis of TPL's performance metrics.
In other recent news, Texas Pacific Land Corp. experienced significant growth in its Q3 2024 earnings, reporting consolidated revenues of $174 million and an adjusted EBITDA of $144 million. This growth is attributed to a notable increase in oil and gas royalty production and a 37% rise in water sales revenues. The company also announced a 37% increase in its quarterly dividend to $1.60 per share. In addition, Texas Pacific Land Corp. has made amendments to its corporate governance structure, requiring a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock.
Moreover, Texas Pacific Land Corp. is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO). This change reflects the evolving market capitalizations of the involved companies, with Texas Pacific Land now representing the large-cap market space more accurately. In line with these developments, Texas Pacific Land Corp. is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities. These recent developments highlight Texas Pacific Land Corp.'s commitment to growth and diversification.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.