U.S. stocks edge higher; solid earnings season continues
On March 11, Horizon Kinetics Asset Management LLC, through various funds and entities under its umbrella, acquired shares of Texas Pacific Land Corp (NYSE:TPL) in a series of transactions. The total value of these acquisitions amounted to $13,763, with purchase prices ranging from $1,342.65 to $1,380.09 per share. TPL, currently trading at $1,360.70 with a market capitalization of $31.15 billion, has demonstrated remarkable performance with a 157% return over the past year and maintains impressive gross profit margins of 93%.
The transactions involved the purchase of a total of 10 shares of common stock. These shares were acquired by different entities associated with Horizon Kinetics, including Horizon Kinetics Hard Assets, Horizon Credit Opportunity (SO:FTCE11B) Fund LP, and Polestar (NASDAQ:PSNY) Offshore Fund Ltd, among others. Notably, the purchases were made under a Rule 10b5-1 plan adopted in November 2024, as indicated in the filings. According to InvestingPro, which offers comprehensive analysis and 15+ additional investment tips for TPL, the company maintains excellent financial health with a "GREAT" overall score.
Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp, continues to manage its holdings with a focus on strategic acquisitions. The firm is a well-known player in the asset management industry and is led by Murray Stahl, who holds a directorial position in Texas Pacific Land Corp. Despite his role, Mr. Stahl does not participate in investment decisions regarding the issuer’s securities, as noted in the footnotes of the filing. Based on InvestingPro’s Fair Value analysis, TPL currently appears to be trading above its intrinsic value, though the company’s strong fundamentals and market performance continue to attract investor interest.
In other recent news, Texas Pacific Land Corporation (TPL) reported impressive financial results for the fourth quarter of 2024, exceeding analysts’ expectations. The company posted earnings per share of $5.14, surpassing the projected $4.84. Revenue also exceeded forecasts, reaching $185.78 million compared to the expected $166.81 million. Texas Pacific Land Corp achieved a record free cash flow of $461 million for the year, marking an 11% increase year-over-year. The company maintained a strong balance sheet with zero debt and $370 million in cash. Looking forward, TPL plans to target a $700 million cash balance and increase its regular dividend by 37% to $1.60 per share. The company is exploring mergers and acquisitions opportunities in Permian minerals, royalties, water, and surface assets. Analysts have noted that TPL’s strategic investments and robust operational performance have positioned the company well for future growth.
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