In a recent transaction, executives at Texas Pacific Land Corp (NYSE:TPL) purchased shares of the company's common stock. The buy transactions occurred on April 2, 2024, with a total value of approximately $6,907, all at a price of $575.66 per share.
The purchases were made by both Murray Stahl, a director of the company, and Horizon Kinetics Asset Management LLC, where Stahl serves as Chairman, Chief Executive Officer, and Chief Investment Manager. It's worth noting that while Stahl holds a controlling interest in several accounts, he does not exercise investment discretion with respect to the issuer's securities.
The shares were acquired through various entities, including Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, and Polestar (NASDAQ:PSNY) Offshore Fund Ltd, among others. The total shares purchased were distributed across these entities, with Horizon Kinetics Asset Management LLC itself indirectly acquiring a portion of the shares.
This move comes after Horizon Kinetics Asset Management LLC filed an amendment to its Schedule 13D on February 28, 2024, in which it reported beneficial ownership of 1,271,975 shares. Additionally, the transactions were executed pursuant to a Rule 10b5-1 plan adopted on September 14, 2023, which allows insiders to set up a trading plan for selling stocks they own.
For investors keeping an eye on insider transactions, these purchases could be seen as a sign of confidence from the company's executives in the future of Texas Pacific Land Corp. The company, which deals in oil royalty trading, has its business address in Dallas, Texas, and is incorporated in Delaware.
InvestingPro Insights
Following the recent insider purchases at Texas Pacific Land Corp (NYSE:TPL), the company's financial standing and market performance offer additional insights. With a robust gross profit margin of 94.69% for the last twelve months as of Q1 2023, TPL demonstrates a strong ability to retain earnings relative to its revenue, which is a positive indicator for investors.
Another key metric is the company's price-to-earnings (P/E) ratio, which stands at 33.06 when adjusted for the last twelve months as of Q1 2023. While this suggests that TPL is trading at a high earnings multiple, it also reflects investor expectations of future growth and may be justified by the company's performance and market position.
Investors may also find comfort in the fact that TPL has maintained dividend payments for 11 consecutive years, with a dividend yield of 0.81% as of the latest data. This consistent return to shareholders can be a sign of the company's financial health and stable cash flows.
For those looking to delve deeper into Texas Pacific Land Corp's financials and performance, there are additional InvestingPro Tips available. These include the company's ability to hold more cash than debt, its impressive track record of profitability over the last twelve months, and a strong return over the last five years. With a total of 14 InvestingPro Tips available for TPL, interested parties can gain a comprehensive understanding of the company's value and potential. To access these valuable insights, visit InvestingPro and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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