Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), reported a purchase of common stock in a recent filing with the Securities and Exchange Commission. On February 3, 2025, the New York-based investment firm acquired one share at a price of $1,316.07, bringing its total ownership to approximately 1,166,990 shares. The stock, currently trading at $1,355, has demonstrated remarkable performance with a 184% return over the past year. TPL boasts impressive fundamentals, including a 93% gross profit margin and maintains a market capitalization of $31.1 billion.
The filing also highlighted that Horizon Kinetics, as a ten percent owner, has a substantial interest in the company. This transaction adds to the firm's already significant holdings in Texas Pacific Land Corp, reinforcing its position in the oil royalty sector. According to InvestingPro analysis, TPL currently trades above its Fair Value, though it maintains a "GREAT" financial health score. Investors can access 16 additional ProTips and a comprehensive Pro Research Report covering TPL's financial outlook on InvestingPro.
In other recent news, Texas Pacific Land Corporation has made significant strides in its operations. The company has announced its entry into the S&P 500, replacing Marathon Oil Corp (NYSE:MRO)., a move reflecting its evolving market capitalization. This development coincides with the acquisition of Marathon Oil by ConocoPhillips (NYSE:COP). Concurrently, S&P SmallCap 600 member Mueller Industries Inc (NYSE:MLI). will move up to the S&P MidCap 400, filling the vacancy left by Texas Pacific Land.
In addition to these changes, Texas Pacific Land Corporation has amended its corporate governance structure. The amendments, approved by the Board of Directors and stockholders, now require a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock. This change is part of the newly adopted Third Amended and Restated Bylaws.
Texas Pacific Land Corporation also reported strong Q3 2024 financial results. The company disclosed consolidated revenues of $174 million and an adjusted EBITDA of $144 million. Additionally, the company saw a 37% increase in its quarterly dividend to $1.60 per share. These are recent developments that highlight the company's ongoing progress.
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