Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), reported purchasing additional shares of the company. According to the latest filings, the investment firm acquired 3 shares of common stock at a price of $587.81 each, totaling approximately $1,763.
This transaction, which took place on April 23, 2024, increased Horizon Kinetics Asset Management's holdings in Texas Pacific Land Corp, an oil royalty trader. The company, which is known for its investments in real estate and construction sectors, has been a notable player in the market with a keen interest in Texas Pacific Land Corp.
The purchase further cements Horizon Kinetics Asset Management's position as a ten percent owner of Texas Pacific Land Corp. As per the filing, the investment firm now owns 1,084,950 shares. It's worth noting that this figure includes the beneficial ownership of 1,271,975 shares as mentioned in a Schedule 13D amendment filed by Horizon Kinetics Asset Management on February 28, 2024. The amendment also disclosed Murray Stahl's direct and indirect interests in the company, which are not part of the investment discretion exercised by Horizon Kinetics Asset Management.
The transaction was signed off by attorney-in-fact Jay Kesslen on April 24, 2024. The acquisition reflects Horizon Kinetics Asset Management's ongoing confidence in Texas Pacific Land Corp's business and prospects.
Investors often monitor the buying and selling activities of significant shareholders as an indicator of their confidence in a company's future performance. Transactions like these can provide insights into how institutional investors view the stock's valuation and potential.
InvestingPro Insights
As Texas Pacific Land Corp (NYSE:TPL) continues to draw attention from major investors like Horizon Kinetics Asset Management, a look at some key financial metrics and InvestingPro Tips can provide a deeper understanding of the company's current market position. Texas Pacific Land Corp, with its impressive gross profit margin of 94.69% for the last twelve months as of Q1 2023, demonstrates a strong ability to control costs and maximize revenue from its operations. This is particularly noteworthy in the oil royalty trading and real estate sectors, where efficient operations can significantly impact profitability.
Despite a slight dip in revenue growth by -5.37% during the same period, the company has shown resilience with a quarterly revenue growth of 9.14% in Q1 2023. This suggests a potential turnaround and a positive outlook for upcoming quarters. Additionally, Texas Pacific Land Corp's market capitalization stands at a robust 13.5 billion USD, reflecting investor confidence in the company's value and long-term prospects.
Among the InvestingPro Tips, Texas Pacific Land Corp is noted for trading at a high earnings multiple, with a P/E ratio of 33.3 and an adjusted P/E ratio of 33.42 for the last twelve months as of Q1 2023. The company's stock also tends to exhibit low price volatility, which might appeal to investors seeking more stable equity investments. Furthermore, the firm's ability to maintain dividend payments for 11 consecutive years, with a dividend yield of 0.79% as of the 115th day of 2024, speaks to its commitment to shareholder returns.
For investors seeking additional insights and tips, there are more InvestingPro Tips available for Texas Pacific Land Corp, which can be accessed by visiting https://www.investing.com/pro/TPL. Moreover, users can take advantage of an exclusive offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This offer not only provides access to a wealth of financial data and analysis but also includes a total of 15 InvestingPro Tips that can guide investment decisions regarding Texas Pacific Land Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.