Murray Stahl, a director at Texas Pacific Land Corp (NYSE:TPL), has recently increased his holdings in the company. According to a recent filing, Stahl acquired a total of 12 shares of common stock on October 15, 2024. The shares were purchased at prices ranging from $1,030.79 to $1,048.84 per share, amounting to a total transaction value of $12,531.
The purchases were made through various entities, including Horizon Kinetics Hard Assets LLC and Horizon Credit Opportunity Fund LP, among others. These transactions were executed as part of a Rule 10b5-1 plan, which allows insiders to set up a trading plan for selling stocks they own.
This acquisition adds to the shares already held by Stahl, who, through Horizon Kinetics Asset Management LLC, has a significant indirect interest in the company. The transactions underscore ongoing interest and investment in Texas Pacific Land Corp by its leadership.
In other recent news, Texas Pacific Land Corporation posted record-breaking performance in its Water Services and Operations segment in the second quarter of 2024. The company reported 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, and net income, and there was a slight increase in oil and gas royalty production.
In a different development, the Public Utility Commission of Texas has shortlisted 17 gas-fired power plant projects, including those from NRG Energy (NYSE:NRG), Vistra, Constellation, NextEra, and GE Vernova, for potential funding from the $5.38 billion Texas Energy Fund. The selected projects represent nearly 10,000 megawatts in power generation capacity, and the approved ones are expected to receive their initial loan disbursements by December 31, 2025.
These are recent developments that emphasize the strategic financial support from Texas to strengthen its energy infrastructure and mitigate the risk of future power shortages, alongside Texas Pacific Land Corporation's focus on enhancing its intrinsic value per share through selective and disciplined M&A pursuits.
InvestingPro Insights
Murray Stahl's recent acquisition of Texas Pacific Land Corp (NYSE:TPL) shares aligns with several positive indicators highlighted by InvestingPro. The company's impressive gross profit margins, as noted in an InvestingPro Tip, are reflected in the latest data showing a gross profit margin of 93.61% for the last twelve months as of Q2 2024. This exceptional profitability underscores the company's operational efficiency and may have influenced Stahl's decision to increase his holdings.
Another relevant InvestingPro Tip mentions that TPL has maintained dividend payments for 11 consecutive years, demonstrating consistent shareholder returns. This is further supported by a current dividend yield of 0.45% and a dividend growth of 8.0% over the last twelve months. The company's strong financial position is also evident in its ability to hold more cash than debt on its balance sheet, as pointed out by another InvestingPro Tip.
TPL's market performance has been noteworthy, with a 79.65% price total return over the past six months and a year-to-date return of 101.62%. The stock is currently trading near its 52-week high, with the price at 98.43% of its peak. These metrics align with the InvestingPro Tip highlighting TPL's strong returns over various time frames.
For investors seeking a more comprehensive analysis, InvestingPro offers 20 additional tips on Texas Pacific Land Corp, providing a deeper understanding of the company's financial health and market position.
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