Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has made a notable investment in the company's stock, according to a recent filing. The asset management firm purchased additional shares of Texas Pacific Land Corp, further cementing its position in the oil royalty trader's business.
The transaction, which took place on April 30, 2024, involved the acquisition of 3 shares at a price of $576.30 per share, amounting to a total investment of $1,728. This purchase has increased Horizon Kinetics Asset Management's total holdings in Texas Pacific Land Corp to 1,084,965 shares.
Investors often monitor the buying and selling activities of significant shareholders as these transactions can be indicative of the firm's confidence in the company's future performance. The details of these transactions are made public through mandatory filings with the Securities and Exchange Commission.
Horizon Kinetics Asset Management has previously reported its significant stake in Texas Pacific Land Corp. In a filing dated February 28, 2024, the firm disclosed beneficial ownership of 1,271,975 shares, with additional interests attributed to Murray Stahl, who has a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares. It is important to note that Mr. Stahl does not exercise investment discretion concerning the securities of the issuer.
The recent purchase by Horizon Kinetics Asset Management serves as a noteworthy development for current and potential investors, providing insights into the firm's investment strategy and conviction in Texas Pacific Land Corp's business prospects.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC reinforces its stake in Texas Pacific Land Corp (NYSE:TPL), investors looking for a deeper dive into the company's financial health can turn to the latest data and insights from InvestingPro. Texas Pacific Land Corp holds a market capitalization of $12.93 billion, reflecting its significant presence in the market. The company's impressive gross profit margin stands at 94.69% for the last twelve months as of Q1 2023, showcasing its ability to maintain high levels of profitability relative to sales.
An InvestingPro Tip that stands out for Texas Pacific Land Corp is its ability to maintain dividend payments for 11 consecutive years, which could be a sign of the company's commitment to returning value to shareholders. Additionally, the company's stock has seen a strong return over the last three months, with a 19.54% price total return, indicating positive momentum in the market.
Investors should note that while Texas Pacific Land Corp is trading at a high earnings multiple, with a P/E ratio of 32.28, this may reflect the market's expectations for future growth. For those interested in exploring additional insights, there are more InvestingPro Tips available for Texas Pacific Land Corp, which can be found at InvestingPro. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of financial data and expert analysis to inform your investment decisions.
With 15 additional InvestingPro Tips available for Texas Pacific Land Corp, savvy investors can gain an even more comprehensive understanding of the company's performance and potential. As Horizon Kinetics Asset Management continues to invest in Texas Pacific Land Corp, these insights could prove invaluable in assessing the company's standing and the investment's long-term viability.
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