Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), has reported a recent acquisition of shares. The $31.7 billion market cap company has demonstrated remarkable performance, with a 185.76% return over the past year and maintains an impressive 93.27% gross profit margin according to InvestingPro data. On January 23, the firm purchased one share of Texas Pacific Land Corp at a price of $1,425.45, bringing its total holdings to 1,167,928 shares. This transaction reflects Horizon Kinetics’ continued interest in the oil royalty company, as they maintain a substantial stake in the firm. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with 18 additional key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, Texas Pacific Land Corp has seen a series of significant developments. The company reported strong Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA at $144 million. This growth was largely driven by a surge in oil and gas royalty production and an increase in water sales revenues, which rose by 37% year-over-year. A boost to the quarterly dividend by 37% to $1.60 per share was also announced.
In addition to financial growth, Texas Pacific Land Corp is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO). This significant move reflects the company’s evolving market capitalization, and is expected to occur shortly. Furthermore, Texas Pacific Land has made substantial amendments to its corporate governance structure, which now requires a special meeting to be called upon the written request of stockholders owning at least 25% of the outstanding common stock.
Looking ahead, Texas Pacific Land is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities, including solar, wind, data centers, and the beneficial reuse of produced water. Despite an 8% decline in realized oil prices and a 65% drop in natural gas prices, the company maintains a strong balance sheet with zero debt. These recent developments underscore Texas Pacific Land’s commitment to growth and diversification.
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