Executives from Horizon Kinetics Asset Management LLC have recently acquired shares of Texas Pacific Land Corp (NYSE:TPL), with transactions totaling approximately $11,270. The purchases were made at prices ranging from $937.52 to $944.41 per share, according to a recent SEC filing.
The transactions, all executed on September 25, 2024, involved the acquisition of shares across multiple entities associated with Horizon Kinetics executives. Notably, the shares were bought pursuant to a Rule 10b5-1 plan, which allows insiders to set up a trading plan for buying or selling securities in advance, at a time when they are not in possession of material non-public information.
The filing indicated that Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, and Horizon Common Inc, among others, were the entities through which the shares were acquired. The exact distribution of shares among these entities was not specified, but the total number of shares purchased was reflected in the total dollar value reported.
The SEC filing also provided insight into the broader holdings of Horizon Kinetics Asset Management LLC and its related entities. The footnotes in the document clarified the beneficial ownership reported in a previous Schedule 13d amendment, taking into account a stock split that occurred earlier in the year.
Horizon Kinetics Asset Management LLC, under the leadership of Chairman, CEO, and Chief Investment Officer Murray Stahl, has a significant interest in Texas Pacific Land Corp. However, it was noted in the footnotes that Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer.
Texas Pacific Land Corp, with its standard industrial classification as an oil royalty trader, continues to be a notable holding within the portfolios managed by Horizon Kinetics Asset Management LLC. Investors following the company will take note of these transactions as part of the ongoing investment decisions made by the firm's executives.
In other recent news, Texas Pacific Land Corporation announced a record-breaking performance in its Water Services and Operations segment for the second quarter of 2024. The company reported consolidated revenues of approximately $172 million, marking a 14% year-over-year growth, and diluted earnings per share of $4.98. The water segment set corporate records for sales revenues, volumes, and net income, with top water sales customers including Exxon (NYSE:XOM), Conoco, Occidental (NYSE:OXY), EOG, and BP (NYSE:BP).
In other developments, the Public Utility Commission of Texas has shortlisted 17 gas-fired power plant projects for a potential share of $5.38 billion in government funding. This funding, sourced from the Texas Energy Fund, is aimed at encouraging the development of natural gas electricity generation facilities. Companies such as NRG Energy (NYSE:NRG), Vistra, Constellation, NextEra, and GE Vernova are among those who have applied for funding. The projects that have made it to the next phase represent nearly 10,000 megawatts in power generation capacity. The initial loan disbursements for the approved projects are expected by December 31, 2025. These recent developments highlight a broader effort by Texas to strengthen its energy infrastructure and mitigate the risk of future power shortages.
InvestingPro Insights
Following the recent insider share purchases by executives at Horizon Kinetics Asset Management LLC, investors in Texas Pacific Land Corp (NYSE:TPL) may be seeking additional insights into the company's financial health and market performance. According to InvestingPro data, Texas Pacific Land Corp boasts an impressive gross profit margin of 93.61% for the last twelve months as of Q2 2024, highlighting the company's strong ability to control costs relative to its revenue.
Moreover, the company's market capitalization stands at $20.51 billion, reflecting its substantial presence in the market. Investors may also find the company's Price / Book ratio noteworthy, which is currently at 17.0, suggesting a premium valuation compared to its book value. This could be indicative of high investor expectations for future growth or a reflection of the company's intangible assets and intellectual property.
InvestingPro Tips for Texas Pacific Land Corp reveal that the company has been able to maintain dividend payments for 11 consecutive years, signaling a commitment to returning value to shareholders. Additionally, the company's cash flows can sufficiently cover interest payments, providing reassurance regarding its financial stability and debt management. For those considering a deeper dive into Texas Pacific Land Corp's performance metrics and investment potential, InvestingPro offers a total of 19 additional tips on their platform.
The recent insider transactions, coupled with the company's solid financial metrics, may provide a positive signal to the market. Investors interested in exploring more about Texas Pacific Land Corp's valuation and future prospects can access further analysis and tips at https://www.investing.com/pro/TPL.
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