Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), recently acquired a small number of shares in the company. According to a recent SEC filing, the asset management firm purchased one share of common stock on January 21, 2025, at a price of $1,395.68, totaling $1,395. The purchase comes as TPL maintains impressive financial metrics, including a 93% gross profit margin and strong cash flows. According to InvestingPro analysis, TPL is currently trading above its Fair Value, with a market capitalization of $32.3 billion. This transaction increased Horizon Kinetics’ direct ownership to 1,167,970 shares.
Additionally, the filing reported a distribution of 44 shares to beneficial owners without consideration, which did not involve any financial transaction. This distribution slightly decreased the total shares held by Horizon Kinetics to 1,167,926.
In other recent news, Texas Pacific Land Corp. has been making significant strides in a variety of areas. The company reported strong Q3 2024 earnings with consolidated revenues reaching $174 million, and adjusted EBITDA standing at $144 million. This was largely due to a significant growth in oil and gas royalty production and a 37% year-over-year increase in water sales revenues. Additionally, the company announced a 37% increase in its quarterly dividend to $1.60 per share.
Texas Pacific Land Corp. also made headlines with its plan to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO). This move is set to occur following the acquisition of Marathon Oil by ConocoPhillips (NYSE:COP). In tandem with this, Texas Pacific Land will be replaced in the S&P MidCap 400 by Mueller Industries Inc (NYSE:MLI)., reflecting the evolving market capitalizations of these companies.
Furthermore, the company has amended its bylaws, changing the rules for calling special meetings. Now, a meeting can be called upon the written request of stockholders owning at least 25% of the outstanding common stock. This change was approved by the Board of Directors and the stockholders and is in alignment with the newly adopted Third Amended and Restated Bylaws. These are just some of the recent developments for Texas Pacific Land Corp.
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