In a recent transaction, Horizon Kinetics Asset Management LLC has increased its stake in Texas Pacific Land Corp (NYSE:TPL), a company involved in oil royalty trading. The asset management firm purchased 3 shares of common stock at a price of $610.08 per share, amounting to a total investment of $1,830.
The purchase, dated May 22, 2024, was disclosed in a regulatory filing with the Securities and Exchange Commission (SEC) and demonstrates Horizon Kinetics' continued interest in Texas Pacific Land Corp. Following this transaction, Horizon Kinetics now holds a total of 1,085,013 shares in the company.
This move is part of the asset management firm's investment strategy, as it maintains a position as a ten percent owner of Texas Pacific Land Corp. Horizon Kinetics has been known to file amendments to its Schedule 13D, indicating changes in its beneficial ownership of shares. Notably, an amendment filed on February 28, 2024, detailed the beneficial ownership of 1,271,975 shares by Horizon Kinetics Asset Management LLC.
Investors often monitor such filings for insights into the actions of significant shareholders, as these can sometimes signal confidence in the company's future prospects or strategic positioning within the market. The recent purchase by Horizon Kinetics may be interpreted as a positive sign for Texas Pacific Land Corp by some market participants.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC bolsters its position in Texas Pacific Land Corp (NYSE:TPL), keen investors may find additional context through real-time data and InvestingPro Tips. With a market capitalization of $13.96 billion USD and a high Price/Earnings (P/E) ratio standing at 32.25, TPL showcases its stature in the financial markets. The company's P/E ratio has remained consistent, with the last twelve months as of Q1 2024 reflecting a similar figure of 32.19.
One of the notable InvestingPro Tips for Texas Pacific Land Corp is its impressive gross profit margins, which have reached 94.18% in the last twelve months as of Q1 2024. This financial metric highlights the company's ability to manage its cost of goods sold effectively and maintain profitability. Another significant tip is that the company has been able to sustain dividend payments for 11 consecutive years, with a dividend yield of 0.77% and a growth of 8.0% in the last twelve months as of Q1 2024, which could appeal to income-focused investors.
Despite a slight decline in revenue growth of -1.06% in the last twelve months as of Q1 2024, Texas Pacific Land Corp has experienced a quarterly revenue growth of 18.98% in Q1 2024, indicating potential for future expansion. The company's ability to maintain high returns, with a 1-year price total return of 35.82%, may also be of interest to those looking for strong performance in their investment portfolio.
InvestingPro offers a wealth of additional Tips for Texas Pacific Land Corp, which investors can explore for a more comprehensive understanding of the company's financial health. For those interested, there are a total of 15 InvestingPro Tips available, which can be accessed through the InvestingPro platform. To enrich your investment strategy, consider using the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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