Horizon Kinetics Asset Management LLC, a significant stakeholder in Texas Pacific Land Corp (NYSE:TPL), recently acquired additional shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Horizon Kinetics purchased one share of Texas Pacific Land Corp at a price of $1,159.10 per share on December 27, 2024. This transaction brings the total number of shares owned by Horizon Kinetics to 1,138,399. TPL, currently valued at $26.3 billion, has demonstrated impressive financial performance with a 93.27% gross profit margin and maintains a "GREAT" financial health rating according to InvestingPro analysis.
The filing also notes that Horizon Kinetics previously reported beneficial ownership of over 3.5 million shares in an amendment to its Schedule 13D. This acquisition reflects Horizon Kinetics' continued investment in the oil royalty company, which is known for its significant land holdings in Texas. Want deeper insights into TPL's valuation and growth potential? InvestingPro subscribers have access to 18 additional ProTips and comprehensive financial analysis.
The transaction was signed off by Jay Kesslen, acting as attorney-in-fact for the firm, on December 30, 2024.
In other recent news, Texas Pacific Land Corporation has experienced significant developments. The company reported strong Q3 2024 earnings with consolidated revenues of $174 million and adjusted EBITDA of $144 million. Notably, Texas Pacific Land's water sales revenues saw a 37% year-over-year increase, 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.
In addition, Texas Pacific Land made significant 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. This change aligns with the newly adopted Third Amended and Restated Bylaws.
Furthermore, Texas Pacific Land 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. Lastly, the company is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities. These are recent developments that underline Texas Pacific Land's commitment to diversification and growth.
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