In a recent filing with the Securities and Exchange Commission, Texas Pacific Land Corp (NYSE:TPL) disclosed a series of stock purchases by Horizon Kinetics Asset Management LLC, amounting to a total of $14,119. The transactions, which took place on November 1, 2024, involved the acquisition of common stock at prices ranging from $1,174 to $1,184.45 per share.
Murray Stahl, a director at Texas Pacific Land Corp and a key figure at Horizon Kinetics, was involved in these transactions. The purchases were made across several entities associated with Horizon Kinetics, reflecting the firm's ongoing interest in the oil royalty company.
These transactions were executed under a Rule 10b5-1 plan, which allows insiders to set up a predetermined schedule for buying or selling stocks. As of the most recent filing, Horizon Kinetics Asset Management LLC has a significant stake in Texas Pacific Land Corp, with beneficial ownership of over 1.2 million shares.
Investors will be watching closely to see how these transactions impact the company’s stock performance and overall market perception.
In other recent news, Texas Pacific Land Corporation (TPL) has posted record-breaking second quarter 2024 financial results. The company reported consolidated revenues of approximately $172 million, a 14% year-over-year growth, and diluted earnings per share of $4.98. TPL's Water Services and Operations segment set corporate records for sales revenues, volumes, and net income. The company also aims to expand its mineral and royalty assets in the Permian Basin.
In another development, the Public Utility Commission of Texas has shortlisted 17 gas-fired power plant projects for potential funding from the $5.38 billion Texas Energy Fund. Companies such as NRG Energy (NYSE:NRG), Vistra, Constellation, NextEra, and GE Vernova have applied for this funding. The projects that have made it to the next phase represent nearly 10,000 megawatts in power generation capacity, with initial loan disbursements likely to be received by December 31, 2025.
These are among the recent developments that demonstrate the ongoing efforts of these companies to strengthen their operations and financial performance.
InvestingPro Insights
Texas Pacific Land Corp's recent insider purchases by Horizon Kinetics Asset Management LLC align with several positive indicators highlighted by InvestingPro. The company's impressive financial health is evident from its strong balance sheet, with more cash than debt, and liquid assets exceeding short-term obligations. This financial stability supports the company's ability to maintain dividend payments, which it has done for 11 consecutive years.
InvestingPro data reveals that TPL boasts a remarkable gross profit margin of 93.61% for the last twelve months as of Q2 2024, underscoring its operational efficiency. This aligns with an InvestingPro Tip noting the company's "impressive gross profit margins." Additionally, TPL's revenue for the same period stood at $671.1 million USD, with a quarterly revenue growth of 7.3% in Q2 2024, indicating steady expansion.
The stock's recent performance has been noteworthy, with InvestingPro data showing a 50% price total return over the last three months and a substantial 112.37% return over the past six months. This strong momentum is reflected in an InvestingPro Tip stating that TPL has seen a "significant return over the last week" and is "trading near 52-week high."
However, investors should note that the stock's current valuation metrics are high. TPL's P/E ratio stands at 63.04, and it's trading at a high Price / Book multiple of 23.34. An InvestingPro Tip cautions that the stock is "trading at a high earnings multiple," which may be a consideration for value-oriented investors.
For those interested in a more comprehensive analysis, InvestingPro offers 21 additional tips on Texas Pacific Land Corp, providing a deeper understanding of the company's financial position and market performance.
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