Texas Pacific Land Corp (NYSE:TPL) recently witnessed a series of stock acquisitions by Horizon Kinetics Asset Management LLC and Murray Stahl, according to a regulatory filing. The transactions, executed on October 28, 2024, involved the purchase of common stock valued at a total of $12,922.
The shares were acquired at prices ranging from $1,075.78 to $1,080.19 per share. These transactions were conducted under a Rule 10b5-1 plan adopted on May 14, 2024, as noted in the filing.
Horizon Kinetics Asset Management LLC, a ten percent owner, and Murray Stahl, a director of Texas Pacific Land Corp, were the reporting parties. The purchases included shares held by various entities associated with Horizon Kinetics and Mr. Stahl, including Horizon Kinetics Hard Assets LLC and Horizon Credit Opportunity Fund LP.
The filing also highlighted that Mr. Stahl does not exercise investment discretion regarding the issuer's securities, despite his roles as Chairman, Chief Executive Officer, and Chief Investment Officer at Horizon Kinetics.
In other recent news, Texas Pacific Land Corporation (TPL) and NRG Energy (NYSE:NRG), among other companies, have been highlighted in recent developments. TPL has announced record-breaking results in its Water Services and Operations segment for the second quarter of 2024. The company reported consolidated revenues of approximately $172 million and diluted earnings per share of $4.98. This performance was driven by corporate records in sales revenues, volumes, and net income in their water segment.
In a separate development, the Public Utility Commission of Texas has shortlisted 17 gas-fired power plant projects, including NRG Energy, for potential funding from the Texas Energy Fund. This program, aiming to bolster the state's power grid, has attracted considerable interest with 72 applications initially received. The approved projects, representing nearly 10,000 megawatts in power generation capacity, are expected to receive their initial loan disbursements by December 31, 2025. These recent developments underscore the active role both companies play in the energy sector.
InvestingPro Insights
Texas Pacific Land Corp's recent stock acquisitions by insiders align with several positive indicators highlighted by InvestingPro. The company's impressive financial health is reflected in its strong balance sheet, with more cash than debt, and liquid assets exceeding short-term obligations. This financial stability supports the company's ability to maintain dividend payments, which it has done for 11 consecutive years.
InvestingPro data reveals that TPL's market capitalization stands at $25.0 billion, with a P/E ratio of 55.9. The company's revenue for the last twelve months as of Q2 2024 was $671.1 million, with a remarkable gross profit margin of 93.61%. This aligns with the InvestingPro Tip highlighting TPL's impressive gross profit margins.
The stock's recent performance has been noteworthy, with a 33.64% price total return over the past three months and an 84.09% return over six months. This strong momentum is reflected in the stock trading near its 52-week high, with the current price at 98.52% of its 52-week peak.
However, investors should note that according to InvestingPro Tips, the stock is trading at high valuation multiples across various metrics, including P/E, EBIT, EBITDA, and revenue. The PEG ratio of 7.16 suggests the stock may be overvalued relative to its growth prospects.
For readers interested in a more comprehensive analysis, InvestingPro offers 20 additional tips for Texas Pacific Land Corp, providing a deeper understanding of the company's financial position and market performance.
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