Horizon Kinetics Asset Management LLC has expanded its holdings in Texas Pacific Land Corp (NYSE:TPL), a company known for its oil royalty trading, with a recent purchase of shares. The asset management firm, which is already a significant shareholder, acquired additional shares in a transaction dated May 3, 2024.
The latest filing with the SEC reveals that Horizon Kinetics bought 3 shares at a price of $561.48 each, amounting to a total investment of $1,684. This acquisition further bolsters the firm's substantial stake in Texas Pacific Land Corp, a firm with a strong presence in the real estate and construction sector.
Following the transaction, Horizon Kinetics' reported ownership in Texas Pacific Land Corp stands at 1,084,974 shares. It's worth noting that back on February 28, 2024, the asset manager disclosed in an amendment to its Schedule 13D filing a beneficial ownership of 1,271,975 shares, highlighting the significant interest the firm has in the company.
The investment decisions at Horizon Kinetics are led by a team that does not include Murray Stahl, who has a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares of Texas Pacific Land Corp. Stahl does not exercise investment discretion with respect to the securities of the issuer, as per the footnotes in the SEC filing.
Investors often look to such transactions as indicators of a firm's conviction in the potential of the company's stock. With Horizon Kinetics reinforcing its position in Texas Pacific Land Corp, market watchers may take a closer look at the ongoing developments within the company.
InvestingPro Insights
In light of Horizon Kinetics Asset Management LLC's recent investment in Texas Pacific Land Corp (NYSE:TPL), several key metrics from InvestingPro provide additional context into the company's financial health and market performance. Texas Pacific Land Corp holds an impressive market capitalization of $13.25 billion, reflecting its substantial presence in the market. Despite a slight decline in revenue growth over the last twelve months as of Q1 2023, with a -5.37% change, the company has maintained a remarkably high gross profit margin of 94.69%, indicating strong operational efficiency.
InvestingPro Tips reveal that Texas Pacific Land Corp trades at a high earnings multiple, with a P/E ratio sitting at 32.63, suggesting that investors may expect future growth or that the stock is potentially overvalued compared to its earnings. Additionally, the company has demonstrated a robust return on assets of 39.89%, showcasing its ability to generate profits from its asset base effectively. These insights could be particularly relevant for investors, as Texas Pacific Land Corp has also been highlighted for its low price volatility, which might appeal to those seeking stability in their investments.
For readers interested in a deeper dive into Texas Pacific Land Corp's financials and market performance, InvestingPro offers a range of additional tips. With the use of coupon code PRONEWS24, users can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to comprehensive analyses and insights. As of now, there are 15 more InvestingPro Tips available, which could provide investors with a more nuanced understanding of the company's long-term potential and current market positioning. Visit https://www.investing.com/pro/TPL for more details.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.