Horizon Kinetics Asset Management LLC has reported a recent acquisition of shares in Texas Pacific Land Corp (NYSE:TPL), a $30.86 billion market cap company. The firm purchased three shares of common stock on December 4, 2024, at a price of $1,558.70 per share, amounting to a total transaction value of $4,676. The stock has experienced a significant 15% decline over the past week, according to InvestingPro data. Following this transaction, Horizon Kinetics holds a total of 1,138,493 shares in Texas Pacific Land Corp.
The filing indicates that Horizon Kinetics Asset Management is a ten percent owner of Texas Pacific Land Corp, highlighting its significant stake in the company. This transaction adds to their existing holdings, as noted in a previous amendment to their Schedule 13D filed earlier this year.
In other recent news, Texas Pacific Land Corp. reported significant growth in its Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA hitting $144 million. This growth is attributed to robust oil and gas royalty production and a 37% year-over-year increase in water sales revenues, due to enhanced fracking techniques. The company also announced a 37% increase in its quarterly dividend to $1.60 per share.
In addition to its financial performance, Texas Pacific Land is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO). This move is in line with the evolving market capitalizations of the involved companies, with Texas Pacific Land now more accurately representing the large-cap market space.
Furthermore, Texas Pacific Land has made significant amendments to its corporate governance structure, which now requires a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock. This change is part of the company's recent developments, which also include strategic acquisitions in the Permian Basin and a record increase in oil and gas royalty production.
Looking ahead, the company is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities, including solar, wind, data centers, and the beneficial reuse of produced water. These developments underscore Texas Pacific Land's commitment to diversification and growth.
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