Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has reported a modest acquisition of shares in the company. The investment firm purchased 3 shares at a price of $572.35 each, totaling $1,717.
This transaction, dated May 7, 2024, was disclosed in a recent filing with the Securities and Exchange Commission. Following this purchase, Horizon Kinetics Asset Management's holdings in Texas Pacific Land Corp have increased, although the firm already holds over a million shares in the oil royalty trader. Notably, the filing indicates that Murray Stahl, associated with Horizon Kinetics, does not exercise investment discretion over these securities.
Investors monitoring insider transactions may note this recent activity as a continued investment by Horizon Kinetics Asset Management in Texas Pacific Land Corp. The company, which deals in oil royalty trading, has been part of Horizon Kinetics Asset Management's portfolio, and this purchase represents a further commitment to their position in the company.
The disclosure also referenced a previous amendment to Horizon Kinetics Asset Management's Schedule 13D, filed on February 28, 2024. This document had detailed the firm's beneficial ownership of 1,271,975 shares, along with Murray Stahl's direct and indirect interests in the company.
Texas Pacific Land Corp, with its shares listed on the New York Stock Exchange, is known for its involvement in the oil royalty trading industry and is incorporated in Delaware. Horizon Kinetics Asset Management's recent filing provides a glimpse into the firm's investment moves and their continued stake in the company's future.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC reinforces its investment in Texas Pacific Land Corp (NYSE:TPL) with additional share purchases, the financial health and market performance of TPL remain a focal point for investors. According to InvestingPro data, Texas Pacific Land Corp currently boasts a market capitalization of $13.03 billion, reflecting its significant presence in the industry.
The company's impressive gross profit margin, which sits at a remarkable 94.69% for the last twelve months as of Q1 2023, highlights its efficiency in generating revenue over its costs. This metric is particularly noteworthy as it underscores TPL's ability to maintain profitability in the competitive oil royalty trading sector. Moreover, the firm's ability to sustain dividend payments for 11 consecutive years, with a dividend yield of 0.82% as of the last recorded date, demonstrates a commitment to returning value to shareholders.
An InvestingPro Tip suggests that Texas Pacific Land Corp's stock generally trades with low price volatility, which might appeal to investors seeking stability in their portfolio. Additionally, the company's strong return of 15.6% over the last three months indicates a positive trend in the market's reception of TPL's performance.
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