In a recent transaction, Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), acquired additional shares of the company. According to the SEC filing, the asset management firm purchased 3 shares of common stock on November 27, 2024, at a price of $1,579.14 per share. This transaction amounted to a total value of $4,737. The stock has since risen to $1,643.70, reflecting TPL's strong market performance with a remarkable 218% year-to-date return.
Following this purchase, Horizon Kinetics holds 1,138,481 shares of Texas Pacific Land Corp. The filing notes that Horizon Kinetics is a ten percent owner of the company. The transaction was executed under direct ownership, as indicated in the filing.
This acquisition adds to Horizon Kinetics' substantial holdings in Texas Pacific Land Corp, a company involved in oil royalty trading and real estate.
In other recent news, Texas Pacific Land Corp has been making noteworthy strides in the market. The company reported strong Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA at $144 million. The company's water sales revenues saw a 37% year-over-year increase, largely due to improved fracking techniques.
Texas Pacific Land Corp is also set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO). This change reflects the evolving market capitalizations of the involved companies, with Texas Pacific Land now representing the large-cap market space more accurately.
Moreover, Texas Pacific Land Corp has made significant 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 aligns with the newly adopted Third Amended and Restated Bylaws.
Furthermore, Texas Pacific Land Corp is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities, including solar, wind, and data centers. Despite an 8% decline in realized oil prices and a 65% drop in natural gas prices, the company maintains a strong balance sheet with zero debt. These are some of the recent developments shaping the company's trajectory.
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