Executives at Horizon Kinetics Asset Management LLC have recently increased their holdings in Texas Pacific Land Corp (NYSE:TPL), a company known for its involvement in oil royalty trading. The transactions, which were carried out on March 14, 2024, involved the purchase of common stock at a uniform price of $1,642.81 per share.
The recent filings show that a total of $19,713 worth of shares were acquired, indicating a bolstered confidence in the company's prospects from the management's perspective. This move is part of a series of planned purchases under a Rule 10b5-1 plan that was adopted on September 14, 2023, which allows company insiders to set up a trading plan for selling or buying stocks at a predetermined time.
The series of transactions involved various entities under Horizon Kinetics' control, with the shares being acquired indirectly through several funds and partnerships. These include Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, Horizon Common Inc, Polestar (NASDAQ:PSNY) Offshore Fund Ltd, and directly by Horizon Kinetics Asset Management LLC. The total number of shares acquired by each entity was not disclosed in the filing, but the aggregate purchase price for these transactions was reported.
It's important to note that Murray Stahl, Chairman, Chief Executive Officer, and Chief Investment Manager at Horizon Kinetics, holds a direct interest in some of the shares and an indirect interest in others. However, he does not participate in investment decisions regarding the securities of Texas Pacific Land Corp.
The transactions underscore the ongoing interest and investment by Horizon Kinetics executives in Texas Pacific Land Corp, which may be seen by investors as a positive signal about the company's value and future performance.
InvestingPro Insights
Following the recent insider purchases at Texas Pacific Land Corp (NYSE:TPL) by Horizon Kinetics Asset Management LLC, investors may find additional context in the company's financial metrics and market performance. According to InvestingPro data, Texas Pacific Land Corp has a market capitalization of $12.63 billion and boasts an impressive gross profit margin of 94.69% for the last twelve months as of Q4 2023. This high margin is indicative of the company's ability to manage its costs effectively and maintain profitability in its operations.
Moreover, the company's stock has experienced a significant return over the last week, with a 7.53% total price return, which aligns with the management's increased stake and may reflect growing investor confidence. Despite a slight decline in revenue growth of -5.37% over the last twelve months, the company's recent quarterly revenue growth of 9.14% in Q4 2023 suggests a potential rebound.
InvestingPro Tips highlight that Texas Pacific Land Corp holds more cash than debt on its balance sheet and has maintained dividend payments for 11 consecutive years. These factors, coupled with a notable return on assets of 39.89%, provide a picture of a financially robust company with a strong commitment to returning value to shareholders. For investors seeking deeper analysis, there are 13 additional InvestingPro Tips available, which can be explored further at https://www.investing.com/pro/TPL. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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