Texas Pacific Land Corp (NYSE:TPL) recently saw a series of stock purchases by Horizon Kinetics Asset Management LLC and its affiliates, totaling $13,075. The transactions, which occurred on October 24, involved the acquisition of common stock at prices ranging from $1,088.66 to $1,092.56 per share.
The purchases were made by various entities associated with Horizon Kinetics, including Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, and Polestar (NASDAQ:PSNY) Offshore Fund Ltd, among others. These transactions were conducted under a Rule 10b5-1 plan adopted earlier this year.
Horizon Kinetics Asset Management LLC, a significant shareholder, continues to hold a substantial number of shares in Texas Pacific Land Corp, reflecting ongoing investment interest in the company.
In other recent news, the Public Utility Commission of Texas has shortlisted 17 gas-fired power plant projects, including those from NRG Energy (NYSE:NRG), Vistra, Constellation, NextEra, and GE Vernova, for a potential share of $5.38 billion in government funding. This move is part of the Texas Energy Fund initiative, designed to bolster the state's power grid and mitigate the risk of future power shortages. The approved projects, representing nearly 10,000 megawatts in power generation capacity, are expected to receive their initial loan disbursements by December 31, 2025.
Meanwhile, Texas Pacific Land Corporation has announced a record-breaking performance in its Water Services and Operations segment in its second quarter 2024 financial results. The company reported consolidated revenues of approximately $172 million, with a 14% year-over-year growth and diluted earnings per share of $4.98. TPL's water segment achieved corporate records across various performance indicators, including sales revenues, volumes, and net income.
These recent developments point to strategic financial support and robust performance in the energy sector.
InvestingPro Insights
The recent stock purchases by Horizon Kinetics Asset Management LLC and its affiliates align with several positive indicators for Texas Pacific Land Corp (NYSE:TPL). According to InvestingPro data, TPL boasts a market capitalization of $25.16 billion and has demonstrated impressive financial performance.
One of the standout metrics is TPL's gross profit margin of 93.61% for the last twelve months as of Q2 2024, which underscores the company's operational efficiency. This aligns with an InvestingPro Tip highlighting TPL's "impressive gross profit margins."
Additionally, TPL has shown strong market performance, with a 79.67% price total return over the past year and a substantial 111.99% return year-to-date. These figures support another InvestingPro Tip indicating a "high return over the last year."
It's worth noting that TPL is trading near its 52-week high, with its current price at 98.92% of that peak. This information, combined with the recent insider purchases, suggests continued confidence in the company's prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 20 additional tips for TPL, providing deeper insights into the company's financial health and market position.
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