Horizon Kinetics Asset Management LLC, a significant shareholder in Texas Pacific Land Corp (NYSE:TPL), recently acquired additional shares of the company's common stock. The company, which boasts an impressive 93% gross profit margin according to InvestingPro data, has demonstrated strong financial performance with a return on assets of nearly 40%. According to a recent SEC filing, Horizon Kinetics purchased 3 shares at a price of $1,517.57 each, totaling approximately $4,552. This transaction increased the firm's direct ownership to 1,138,487 shares. The details of the transaction were disclosed in a Form 4 filing with the Securities and Exchange Commission. Based on current InvestingPro metrics, TPL appears overvalued compared to its Fair Value, though the company maintains zero debt and strong cash flows. Discover 18 additional key insights about TPL with an InvestingPro subscription.
In other recent news, Texas Pacific Land Corp. reported robust 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 a 37% year-over-year increase in water sales revenues. The company also announced a 37% increase in its quarterly dividend to $1.60 per share. Despite an 8% decline in realized oil prices and a 65% drop in natural gas prices, Texas Pacific Land maintains a strong balance sheet with zero debt.
In corporate developments, Texas Pacific Land is set to join the S&P 500, replacing Marathon Oil Corp (NYSE:MRO). This change follows Marathon Oil's acquisition by ConocoPhillips (NYSE:COP), with Texas Pacific Land now more accurately representing the large-cap market space. In governance news, Texas Pacific Land has amended its bylaws, now requiring 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. These recent developments underscore the company's commitment to diversification and growth.
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