© Reuters.
Executives at Horizon Kinetics Asset Management LLC have recently increased their stakes in Texas Pacific Land Corp (NYSE:), as shown by their latest filings with the U.S. Securities and Exchange Commission. The transactions, which took place on March 15, 2024, involved the purchase of shares at a price of $1666.49 each, amounting to a total of $19,997.
The filings indicate that multiple purchases were made by individuals associated with Horizon Kinetics, including Murray Stahl, who serves as a director of the company. Stahl’s transactions were conducted indirectly through various entities including Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, and Horizon Kinetics Asset Management LLC, among others.
The exact number of shares acquired by each entity was not disclosed, but the purchases were made at the set price of $1666.49 per share. Post-transaction, the filings revealed significant holdings in Texas Pacific Land Corp, with one entity, Horizon Kinetics Asset Management LLC, reporting indirect ownership of 197,259 shares. This excludes partnerships and other accounts in which Mr. Stahl has a controlling interest and which are reported separately.
These transactions come at a time when Texas Pacific Land Corp, an oil royalty trader with a standard industrial classification in the Oil Royalty Traders [6792] sector, continues to attract investor attention. The company, incorporated in Delaware, is known for its holdings in land throughout Texas, which include both royalty interests and surface acres.
Investors often monitor insider buying as it can signal executives’ confidence in the company’s future performance. The recent purchases by Horizon Kinetics executives may therefore be seen as a positive indicator by the market.
The reported transactions were made in accordance with a Rule 10b5-1 plan, which was adopted on September 14, 2023. This rule allows company insiders to set up a trading plan for selling stocks they own, regardless of any subsequent non-public information they receive, in order to avoid accusations of insider trading.
The SEC filing was signed by attorney-in-fact Jay Kesslen on behalf of the reporting owners on March 18, 2024.
InvestingPro Insights
As Horizon Kinetics Asset Management LLC’s executives increase their holdings in Texas Pacific Land Corp (NYSE:TPL), the latest data from InvestingPro provides a snapshot of the company’s financial health and market performance. Texas Pacific Land Corp, with a market capitalization of $12.93 billion, boasts an impressive gross profit margin of 94.69% over the last twelve months as of Q1 2023, reflecting efficient management and a strong position within the Oil Royalty Traders sector.
InvestingPro Tips highlight that Texas Pacific Land Corp has maintained its dividend payments for 11 consecutive years, which could be a signal of the company’s commitment to returning value to shareholders. Additionally, the company’s cash flows are more than sufficient to cover interest payments, indicating financial stability and a lower risk profile for investors.
With a P/E Ratio of 31.76 and a high Price / Book multiple of 12.4 as of the last twelve months, the company trades at a significant earnings and book value premium, which may reflect market expectations of future growth. Investors considering taking a position in TPL may find these metrics indicative of the company’s valuation and potential for long-term returns.
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