NEW YORK—Horizon Kinetics Asset Management LLC, a significant shareholder of Texas Pacific Land Corp (NYSE:TPL), reported a recent purchase of common stock, according to a regulatory filing. The asset management firm acquired three shares at a price of $1,149.85 each, totaling $3,449. The purchase comes as TPL, currently valued at $27.3 billion, maintains impressive 93% gross profit margins. According to InvestingPro analysis, the stock is trading above its Fair Value despite a recent 10% decline over the past week.
Following this transaction, Horizon Kinetics holds a substantial position in Texas Pacific Land Corp, with a total of 1,138,510 shares. This acquisition was executed as part of the firm's ongoing investment activities.
The filing also notes that Horizon Kinetics has previously disclosed beneficial ownership of 1,271,975 shares, reflecting both direct and indirect interests. Murray Stahl, a key figure at Horizon Kinetics, maintains a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares. However, Mr. Stahl does not exercise investment discretion over the securities of the issuer.
In other recent news, Texas Pacific Land Corp. has been making significant strides in its operations. The company reported a robust Q3 2024, with consolidated revenues of $174 million and adjusted EBITDA at $144 million. This growth was primarily driven by a 37% increase in water sales revenues and significant advancements in oil and gas royalty production. The company also announced a 37% hike in its quarterly dividend to $1.60 per share.
In addition to its financial achievements, Texas Pacific Land has been making major organizational changes. The company recently amended its bylaws, requiring a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock. This move is in line 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 comes as Marathon Oil is being acquired by ConocoPhillips (NYSE:COP). The adjustments in the indices reflect the evolving market capitalizations of the involved companies.
In terms of future plans, Texas Pacific Land 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 the company's commitment to diversification and growth.
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