Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), recently acquired additional shares in the company. According to a recent SEC filing, the asset management firm purchased three shares of Texas Pacific Land Corp common stock on December 6, 2024, at a price of $1,319.52 per share. This transaction totaled approximately $3,958. The purchase comes as TPL, currently valued at $30.82 billion, maintains impressive gross profit margins of 93% and has seen its stock price decline by nearly 11% over the past week, according to InvestingPro data.
Following this acquisition, Horizon Kinetics Asset Management now holds 1,138,499 shares of Texas Pacific Land Corp directly. The filing also includes a footnote detailing a previous amendment to their Schedule 13D, which provides additional context on their beneficial ownership and pecuniary interest in the shares. InvestingPro analysis reveals TPL currently trades at a P/E ratio of 68.6, suggesting a premium valuation. Investors seeking deeper insights can access 18 additional ProTips and a comprehensive Pro Research Report, part of InvestingPro's coverage of 1,400+ US equities.
In other recent news, Texas Pacific Land Corp reported significant growth in its Q3 2024 financial results, with consolidated revenues reaching $174 million and adjusted EBITDA at $144 million. The company's oil and gas royalty production and water sales revenues saw considerable increases, attributed to strategic acquisitions in the Permian Basin and enhanced fracking techniques. Despite an 8% decline in realized oil prices and a 65% drop in natural gas prices, Texas Pacific Land maintains a strong balance sheet with zero debt.
In addition, Texas Pacific Land has made substantial amendments to its corporate governance structure, requiring a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock. This change is in line with the newly adopted Third Amended and Restated Bylaws.
Further, Texas Pacific Land is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO). This move follows Marathon Oil's acquisition by ConocoPhillips (NYSE:COP) and reflects the evolving market capitalizations of the involved companies. Texas Pacific Land's ascension to the S&P 500 is part of the regular process of ensuring that the indices accurately reflect their designated market segments.
Looking ahead, Texas Pacific Land 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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