Murray Stahl, a director at Texas Pacific Land Corp (NYSE:TPL), has recently acquired shares of the company's common stock, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, which occurred on November 5, 2024, involved the purchase of a total of 12 shares at prices ranging from $1,208.77 to $1,240.17, amounting to a total value of $14,599.
The shares were acquired through various entities, including Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity (SO:FTCE11B) Fund LP, and Polestar (NASDAQ:PSNY) Offshore Fund Ltd, among others. These purchases were made under a Rule 10b5-1 plan, which allows insiders to set up a predetermined trading plan for selling or buying stocks.
Horizon Kinetics Asset Management LLC, where Murray Stahl serves as Chairman, CEO, and CIO, is noted for managing the accounts involved in these transactions. However, Stahl does not participate in investment decisions regarding the issuer's securities. The filing also highlighted that the shares owned by Stahl and associated entities have been adjusted following a 3-for-1 stock split that took place earlier in the year.
In other recent news, the Public Utility Commission of Texas has identified 17 gas-fired power plant projects for possible allocation of a $5.38 billion government fund. Notable applicants include NRG Energy (NYSE:NRG), Vistra, Constellation, NextEra, and GE Vernova. The selected projects, representing nearly 10,000 megawatts of power generation capacity, are part of Texas' wider strategy to enhance its energy infrastructure and avert future power shortages.
In parallel, Texas Pacific Land Corporation has unveiled its Q2 2024 financial results, indicating a record-breaking performance in its Water Services and Operations segment. The company declared consolidated revenues of roughly $172 million, marking a 14% growth year-over-year, and diluted earnings per share of $4.98. The water segment set corporate records across various metrics, including sales revenues, volumes, and net income.
These recent developments show a focus on energy infrastructure enhancement in Texas and a strong performance by Texas Pacific Land in its water segment.
InvestingPro Insights
Texas Pacific Land Corp (NYSE:TPL) has been experiencing significant momentum in the market, as evidenced by its recent stock performance and financial metrics. According to InvestingPro data, TPL has shown a remarkable 121.27% price total return over the past six months, with a 26.67% return in just the last month. This aligns with the recent insider purchase by director Murray Stahl, potentially signaling confidence in the company's future prospects.
The company's financial health appears robust, with InvestingPro Tips highlighting that TPL holds more cash than debt on its balance sheet and has impressive gross profit margins. Indeed, the data shows a gross profit margin of 93.61% for the last twelve months as of Q2 2024, indicating a highly efficient operation.
However, investors should note that TPL is trading at a high valuation. The P/E ratio stands at 68.35, which is considered elevated. An InvestingPro Tip also points out that the stock is trading at a high earnings multiple relative to its near-term earnings growth, with a PEG ratio of 8.11.
For those interested in a deeper analysis, InvestingPro offers 21 additional tips for TPL, providing a comprehensive view of the company's financial position and market performance. This wealth of information can be particularly valuable for investors considering the stock's current trading levels near its 52-week high.
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