Executives at Horizon Kinetics Asset Management LLC have recently purchased shares of Texas Pacific Land Corp (NYSE:TPL), with transactions totaling over $10,000. The buys were executed at prices ranging from $879.00 to $902.95 per share.
Murray Stahl, Chairman, CEO, and Chief Investment Officer of Horizon Kinetics, indirectly acquired shares through various entities controlled by the asset management firm. The transactions were made pursuant to a pre-arranged trading plan, known as a Rule 10b5-1 plan, which was adopted earlier this year.
The purchases were split among multiple entities associated with Horizon Kinetics. Horizon Kinetics Hard Assets LLC bought 2 shares, Horizon Credit Opportunity Fund LP added 1 share, and Horizon Common Inc acquired 2 shares, all at the price of $879.00 per share. Additionally, Polestar (NASDAQ:PSNY) Offshore Fund Ltd purchased 1 share at the same price. The largest single purchase was made by Horizon Kinetics Asset Management LLC, which acquired 3 shares at $902.95 per share.
Following these transactions, the holdings in Texas Pacific Land Corp have increased significantly across the entities. Horizon Kinetics Hard Assets LLC now holds 315,632 shares, Horizon Credit Opportunity Fund LP has 5,497 shares, and Horizon Common Inc owns 5,504 shares. Polestar Offshore Fund Ltd's stake has reached 130,279 shares, and Horizon Kinetics Asset Management LLC's total shares owned stand at 644,705.
Investors often monitor insider buying as it can indicate executives' confidence in the company's prospects. Texas Pacific Land Corp, which is involved in oil royalty trading, has been a focus for Horizon Kinetics, with the asset management firm demonstrating a continued interest in increasing its position in the company.
The disclosed transactions provide a glimpse into the investment strategies of Horizon Kinetics and its executives, highlighting their commitment to the energy and natural resources sector. With these recent purchases, Horizon Kinetics reaffirms its investment stance in Texas Pacific Land Corp, potentially signaling a bullish outlook for the company's future performance.
In other recent news, Texas Pacific Land Corporation reported a record-breaking performance in its Water Services and Operations segment for the second quarter of 2024. The company disclosed consolidated revenues of approximately $172 million, marking a 14% year-over-year growth, and diluted earnings per share of $4.98. The water segment set corporate records for sales revenues, volumes, royalties revenues, and net income, with top water sales customers including Exxon (NYSE:XOM), Conoco, Occidental (NYSE:OXY), EOG, and BP (NYSE:BP).
In other developments, the Public Utility Commission of Texas has shortlisted 17 gas-fired power plant projects, including NRG Energy (NYSE:NRG), Vistra, Constellation, NextEra, and GE Vernova, as candidates for a share of $5.38 billion in government funding. This initiative, supported by the Texas Energy Fund, aims to encourage the development of natural gas electricity generation facilities. The approved projects, representing nearly 10,000 megawatts in power generation capacity, will likely receive their initial loan disbursements by December 31, 2025.
These are the latest developments in the energy sector, providing investors with an overview of the financial performance and strategic initiatives of these companies.
InvestingPro Insights
The recent insider purchases by Horizon Kinetics executives align with several positive indicators for Texas Pacific Land Corp (NYSE:TPL) highlighted by InvestingPro.
According to InvestingPro data, TPL boasts an impressive gross profit margin of 93.61% for the last twelve months as of Q2 2024, reflecting the company's efficient operations in the oil royalty business. This aligns with one of the InvestingPro Tips, which notes TPL's "impressive gross profit margins."
Another relevant InvestingPro Tip points out that TPL "holds more cash than debt on its balance sheet," suggesting a strong financial position. This solid financial footing is further supported by the tip indicating that "liquid assets exceed short term obligations," which may have contributed to the confidence displayed by insiders in their recent share purchases.
The company's stock performance has been noteworthy, with InvestingPro data showing a 61.55% price total return over the past six months. This strong performance is reflected in the InvestingPro Tip stating that TPL has had a "large price uptick over the last six months."
For investors seeking a more comprehensive analysis, InvestingPro offers 18 additional tips for TPL, providing a deeper understanding of the company's financial health and market position.
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