Horizon Kinetics Asset Management LLC has recently expanded its stake in Texas Pacific Land Corp (NYSE:TPL), an oil royalty company, with the purchase of additional shares. The investment firm, known for its significant holdings, has added three shares of common stock to its portfolio at a price of $615.86 each, totaling $1,847.
The transaction, which took place on May 30, 2024, was disclosed in a filing with the Securities and Exchange Commission. Following this latest purchase, Horizon Kinetics Asset Management LLC's ownership in Texas Pacific Land Corp has reached 1,085,028 shares.
This move comes after Horizon Kinetics Asset Management LLC reported its beneficial ownership of 1,271,975 shares in a February 28, 2024 amendment to its Schedule 13D. Additionally, the filing disclosed that Murray Stahl, the firm's key figure, 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 with respect to the securities of the issuer.
Investors often monitor the buying and selling activities of significant shareholders like Horizon Kinetics Asset Management LLC for insights into company valuation and investor sentiment. The firm's increased position in Texas Pacific Land Corp signals a continued commitment to the company and its future prospects.
InvestingPro Insights
In light of Horizon Kinetics Asset Management LLC's recent share purchase in Texas Pacific Land Corp (NYSE:TPL), a look at the real-time financial metrics and InvestingPro Tips can provide investors with a deeper understanding of the company’s current market position.
InvestingPro Data indicates that Texas Pacific Land Corp holds a market capitalization of $14.3 billion USD, reflecting the size and scale of the company within the oil royalty sector. The Gross Profit Margin for the last twelve months as of Q1 2024 is an impressive 94.18%, showcasing the company's ability to maintain profitability and manage its cost of goods sold effectively.
Another key metric to consider is the company's Price to Earnings (P/E) Ratio, which stands at 33.07. This suggests that the company is trading at a higher earnings multiple, which could indicate investor confidence in its future earnings potential or possibly that the stock is overvalued compared to its peers.
InvestingPro Tips highlight that Texas Pacific Land Corp has more cash than debt on its balance sheet and has maintained dividend payments for 11 consecutive years with a recent dividend growth of 8.0%. This financial stability and shareholder return track record may be particularly attractive to long-term investors.
Furthermore, the company's stock has seen a strong return over the last three months with a price total return of 17.02%, potentially signaling robust investor sentiment and momentum in its share price.
For readers interested in a comprehensive analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/TPL, which can provide further insights into Texas Pacific Land Corp’s financial health and market performance. For those looking to subscribe, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With these tools at hand, investors can make more informed decisions aligned with their investment strategies.
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