In a recent filing with the Securities and Exchange Commission, Horizon Kinetics Asset Management LLC disclosed the acquisition of shares in Texas Pacific Land Corp (NYSE:TPL), a $27 billion market cap company. On December 11, 2024, the asset management firm purchased three shares of common stock at a price of $1,283.63 per share, amounting to a total transaction value of $3,850. According to InvestingPro, TPL's stock has declined over 10% in the past week, though it maintains impressive year-to-date returns of 135%.
Following this purchase, Horizon Kinetics now holds a total of 1,138,507 shares in Texas Pacific Land Corp. The filing also notes that the firm is a ten percent owner of the company. The transaction reflects Horizon Kinetics' continued investment in the oil royalty sector, in which Texas Pacific Land Corp operates with industry-leading gross profit margins of 93%. InvestingPro analysis indicates the company maintains excellent financial health, with numerous additional insights available in the comprehensive Pro Research Report.
In other recent news, Texas Pacific Land Corp is set to join the S&P 500, replacing Marathon Oil (NYSE:MRO). This development comes in the wake of Marathon Oil's acquisition by ConocoPhillips (NYSE:COP). Concurrently, Texas Pacific Land Corp has made significant amendments to its corporate governance structure, including changes to meeting rules and bylaws. These changes now require a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock.
Texas Pacific Land Corp recently reported robust Q3 2024 earnings, featuring significant growth in oil and gas royalty production and water sales revenues. The company's consolidated revenues reached $174 million, while adjusted EBITDA was reported at $144 million. TPL's water sales revenues saw a 37% year-over-year increase, largely due to enhanced fracking techniques.
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 TPL's commitment to diversification and growth.
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