Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has reported a recent purchase of common stock. According to the SEC filing, Horizon Kinetics acquired 1 share at a price of $1,184.55, marking a total transaction value of $1,184. This latest acquisition brings the firm's total direct holdings to 1,138,392 shares in the $25.7 billion market cap company. TPL has demonstrated impressive performance with a 134% return year-to-date, supported by strong fundamentals including a 93% gross profit margin.
Horizon Kinetics, a well-known investment management firm, is recognized as a ten percent owner of Texas Pacific Land Corp. The filing also indicates that the firm holds a beneficial ownership interest in a larger number of shares, as noted in a recent amendment to its Schedule 13D. This includes shares with indirect interest attributed to Murray Stahl, a key figure at Horizon Kinetics. According to InvestingPro, TPL currently appears overvalued based on its Fair Value analysis, with 18 additional key insights available to subscribers.
The transaction was executed on December 17, 2024, and the details were disclosed in a Form 4 filing with the Securities and Exchange Commission on December 18, 2024. TPL maintains a strong financial position, with InvestingPro analysis showing an overall "GREAT" financial health score and consistent dividend payments for 11 consecutive years.
In other recent news, Texas Pacific Land Corp. is set to join the S&P 500, replacing Marathon Oil (NYSE:MRO), a significant development that reflects the company's growing market capitalization. This move follows the acquisition of Marathon Oil by ConocoPhillips (NYSE:COP). Concurrently, Texas Pacific Land Corp. has made substantial amendments to its corporate governance structure, including a change in meeting rules that now require a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock.
On the financial front, Texas Pacific Land Corp. reported robust Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA at $144 million. The company's water sales revenues saw a 37% year-over-year increase, attributed to enhanced fracking techniques. In addition, Texas Pacific Land Corp. 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.
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 underscore Texas Pacific Land Corp.'s commitment to diversification and growth.
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