In a recent transaction, Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), expanded its holdings in the company. The asset management firm purchased additional shares of Texas Pacific Land Corp, reflecting continued confidence in the oil royalty trader's prospects.
The transaction, which took place on May 1, 2024, involved the acquisition of 3 shares at a price of $558.69 per share, amounting to a total investment of $1,676. This purchase adds to Horizon Kinetics' already substantial stake in the company. Following the transaction, the firm's total ownership in Texas Pacific Land Corp reached 1,084,968 shares.
It's noteworthy that Horizon Kinetics has previously disclosed its beneficial ownership of 1,271,975 shares in a Schedule 13D amendment filed on February 28, 2024. The disclosure also mentioned Murray Stahl's direct and indirect interest in the company, although he does not exercise investment discretion with respect to the issuer's securities.
Investors often monitor such transactions closely as they may indicate the confidence levels of significant shareholders in the company's future performance. Texas Pacific Land Corp, with its focus on oil royalty trading, remains a noteworthy entity in the energy sector, and actions by major investors like Horizon Kinetics are a valuable barometer for market sentiment.
The transaction was officially signed off by attorney-in-fact Jay Kesslen on May 2, 2024. As Texas Pacific Land Corp continues to navigate the market, stakeholders will be watching for further movements by Horizon Kinetics and other key investors.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC bolsters its position in Texas Pacific Land Corp (NYSE:TPL), a glance at the company's financials through InvestingPro data provides additional context to the firm's confidence. Texas Pacific Land Corp holds a market capitalization of $12.93 billion and impresses with a gross profit margin of 94.69% for the last twelve months as of Q4 2023. This indicates a strong ability to retain earnings relative to revenue, which is a positive signal for investors seeking companies with efficient operations.
Despite a slight decline in revenue growth of -5.37% over the last twelve months as of Q4 2023, Texas Pacific Land Corp has showcased a quarterly revenue growth of 9.14% in Q1 2023, suggesting a potential turnaround or seasonal fluctuation in sales. Additionally, the company has maintained a consistent dividend, growing it by 16.67% in the last twelve months as of Q4 2023, and has a dividend yield of 0.84%, rewarding shareholders for their investment.
InvestingPro Tips highlight that Texas Pacific Land Corp is trading at a high earnings multiple, with a P/E Ratio of 31.85, which could suggest expectations of future growth or a premium for the company's earnings quality. Moreover, the company's stock generally trades with low price volatility, which can be appealing for investors looking for stable investment options in the energy sector.
For those considering further research into Texas Pacific Land Corp, there are additional InvestingPro Tips available, including insights on cash flow, liquidity, and valuation multiples. To explore these further, visit InvestingPro for more detailed analysis. Plus, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 15 additional InvestingPro Tips listed for Texas Pacific Land Corp, investors can gain a more comprehensive understanding of the company's financial health and market position.
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