Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has recently made a purchase of the company's stock, according to a new SEC filing. On May 2, 2024, the asset management firm acquired an additional 3 shares of Texas Pacific Land Corp at a price of $560.50 per share, totaling $1,681.
The investment firm's latest transaction adds to its already substantial holdings in the oil royalty trader, reinforcing its position as a ten percent owner. Following the purchase, Horizon Kinetics Asset Management LLC now beneficially owns 1,084,971 shares of Texas Pacific Land Corp. This ownership detail was also noted in a footnote referencing an amendment to the firm's Schedule 13D filed on February 28, 2024.
The footnote further clarifies the pecuniary interest of Horizon Kinetics Asset Management in the shares owned. It mentions that Murray Stahl, who has a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares, does not exercise investment discretion with respect to the securities of the issuer.
The transaction was signed off by Jay Kesslen, attorney-in-fact, on May 3, 2024. This move by Horizon Kinetics Asset Management LLC reflects ongoing investment activities in Texas Pacific Land Corp, a company known for its involvement in oil royalty trading, with a significant footprint in the real estate and construction sectors.
InvestingPro Insights
Following Horizon Kinetics Asset Management LLC's recent stock purchase of Texas Pacific Land Corp (NYSE:TPL), a closer look at the company's financial health and market performance through InvestingPro data reveals several key insights. With a robust market capitalization of 13.04 billion USD, Texas Pacific Land Corp stands out in the sector. The firm's impressive gross profit margin of nearly 94.69% for the last twelve months as of Q4 2023, underscores its efficient operations and strong pricing power.
InvestingPro Tips highlight that Texas Pacific Land Corp holds more cash than debt on its balance sheet and has consistently paid dividends for 11 consecutive years, which may be attractive to income-focused investors. The company's ability to cover interest payments with its cash flows also suggests financial stability. Despite a slight revenue decline of 5.37% in the last twelve months as of Q4 2023, the company has shown a quarterly revenue growth of 9.14% in Q1 2023, indicating potential for recovery and growth.
For investors considering a deeper analysis, there are 15 additional InvestingPro Tips available, offering a comprehensive understanding of Texas Pacific Land Corp's financial position and market performance. Interested readers can explore these tips and more by visiting InvestingPro and can benefit from an exclusive offer using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
While the company's P/E ratio stands at 32.2, indicating a high earnings multiple that suggests investors are expecting higher future growth, the company's strong return over the last three months of 16.78% reflects positive investor sentiment. This combination of financial stability and market performance presents a compelling case for those considering an investment in Texas Pacific Land Corp.
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