Horizon Kinetics Asset Management LLC, identified as a significant shareholder with over 10% ownership, has reported a purchase of Texas Pacific Land Corp (NYSE:TPL) shares, a company that has delivered an impressive 150% return over the past year. According to the recent SEC filing, the asset management firm acquired a single share of common stock at a price of $1,252.93, totaling $1,252 for the transaction on January 7, 2025. This transaction brings the firm's total direct ownership to 1,168,024 shares.
The filing also references a prior amendment to Horizon Kinetics' Schedule 13D, which disclosed beneficial ownership of 3,578,173 shares, with additional interests held by Murray Stahl, the firm's key figure. However, it is noted that Mr. Stahl does not exercise investment discretion over the issuer's securities.
The acquisition is part of Horizon Kinetics' ongoing investment activities, reflecting their continued interest in Texas Pacific Land Corp, a company involved in oil royalty trading. The company maintains exceptional gross profit margins of 93% and currently trades above its InvestingPro Fair Value, with 18 additional key insights available to subscribers.
In other recent news, Texas Pacific Land Corp has seen significant developments. The company reported strong Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA at $144 million. A notable 37% increase was observed in water sales revenues and a similar 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, the company maintains a strong balance sheet with zero debt.
In a significant move, Texas Pacific Land is set to join the S&P 500, replacing Marathon Oil (NYSE:MRO). This development reflects the evolving market capitalizations of the involved companies. In addition, Texas Pacific Land has made substantial 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.
Looking ahead, the company is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities, including solar, wind, data centers, and the beneficial reuse of produced water. These recent developments highlight Texas Pacific Land'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.