Executives at Horizon Kinetics Asset Management LLC have recently made a notable investment in Texas Pacific Land Corp (NYSE:TPL), acquiring shares with a total value of $20,230 at a price of $1685.87 each. The transactions, which took place on March 22, 2024, were reported in a recent filing with the Securities and Exchange Commission.
The acquired shares were spread across several transactions by the executives of Horizon Kinetics, a firm known for its focus on long-term, value-oriented investments. The purchases were made pursuant to a Rule 10b5-1 plan, which was adopted on September 14, 2023. This plan allows company insiders to set up a trading plan for selling or purchasing securities in advance, providing a defense against potential claims of insider trading.
The filings detailed purchases by multiple entities associated with Horizon Kinetics. Notably, shares were bought in the names of Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, Horizon Common Inc, Polestar (NASDAQ:PSNY) Offshore Fund Ltd, and directly by Horizon Kinetics Asset Management LLC. The shares acquired by these entities contribute to the overall beneficial ownership of the company's stock by Horizon Kinetics and its executives.
According to the footnotes in the SEC filing, as of February 28, 2024, Horizon Kinetics Asset Management LLC reported beneficial ownership of 1,271,975 shares. Murray Stahl, Chairman, Chief Executive Officer, and Chief Investment Manager of Horizon Kinetics, has a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares. However, it is noted that Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer.
Texas Pacific Land Corp, incorporated in Delaware, is engaged in oil royalty trading and has a significant presence in the real estate and construction sector. The company's shares are publicly traded on the New York Stock Exchange under the ticker symbol TPL.
Investors often monitor the buying and selling activities of company insiders as it can provide valuable insights into the executives' outlook on the company's future performance. The recent purchases by Horizon Kinetics executives may be seen as a sign of confidence in the future prospects of Texas Pacific Land Corp.
InvestingPro Insights
Following the recent insider transactions at Texas Pacific Land Corp (NYSE:TPL), the company's financial health and market performance metrics are of particular interest to investors. Texas Pacific Land Corp holds a strong position with a market capitalization of $13.1 billion, reflecting investor confidence and the scale of its operations in the oil royalty trading and real estate sectors.
One of the standout InvestingPro Data points for Texas Pacific Land Corp is its Gross Profit Margin, which at an impressive 94.69% for the last twelve months as of Q1 2023, indicates the company's efficiency in managing its cost of sales and maintaining profitability. Additionally, the company's EBITDA stands at $501.32 million for the same period, although it has experienced a decline in growth by -13.27%.
InvestingPro Tips highlight the company's financial prudence, as it holds more cash than debt on its balance sheet, and its cash flows can sufficiently cover interest payments. This is a reassuring sign for investors, suggesting that the company has a buffer against financial stress and the capacity to meet its financial obligations. Moreover, Texas Pacific Land Corp's stock is noted for trading with low price volatility, providing a potentially stable investment option.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available that can provide further insights into Texas Pacific Land Corp's valuation multiples and stock performance. For example, the company is currently trading at a high Price / Book multiple of 12.56, which could influence investment decisions.
Investors interested in leveraging these insights can find more tips and real-time metrics on Texas Pacific Land Corp by visiting https://www.investing.com/pro/TPL. Plus, by using the coupon code PRONEWS24, new subscribers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of financial data and expert analysis to inform their investment strategies.
With 14 additional InvestingPro Tips listed in InvestingPro, subscribers can gain a comprehensive understanding of Texas Pacific Land Corp's financial standing and market position, aiding in making informed investment decisions.
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