Horizon Kinetics Asset Management LLC, a prominent investment management firm, recently reported the acquisition of shares in Texas Pacific Land Corp (NYSE:TPL), which has delivered an impressive 120.6% return year-to-date. According to the SEC filing, Horizon Kinetics purchased a single share of common stock on December 20, 2024, at a price of $1,118.98. This transaction increased their total holdings to 1,138,395 shares, as disclosed in the filing. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with exceptional gross profit margins of 93.3%.
The purchase was made directly by Horizon Kinetics, which is identified as a ten percent owner of Texas Pacific Land Corp. This acquisition follows a recent amendment to Horizon Kinetics' Schedule 13D, which noted beneficial ownership of over 3.5 million shares. The filing also highlights that Murray Stahl, associated with Horizon Kinetics, holds a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares, although he does not exercise investment discretion over the securities. According to InvestingPro, TPL maintains a "GREAT" financial health score, with 18 additional key insights available for subscribers.
In other recent news, Texas Pacific Land Corporation has been making significant strides in various aspects of its operations. The company reported robust Q3 2024 earnings, with consolidated revenues reaching $174 million and an adjusted EBITDA of $144 million. The earnings report highlights a 37% year-over-year increase in water sales revenues, largely credited to enhanced fracking techniques. Additionally, the company announced a 37% increase in its quarterly dividend to $1.60 per share.
In a significant development, Texas Pacific Land is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO). This comes as Marathon Oil is being acquired by ConocoPhillips (NYSE:COP), with the change expected to happen soon. On the governance front, Texas Pacific Land has amended its bylaws, now requiring a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock.
Looking ahead, the company is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities, including solar, wind, data centers, and the beneficial reuse of produced water. These recent developments underscore Texas Pacific Land's commitment to diversification and growth.
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