Horizon Kinetics Asset Management LLC, identified as a 10% owner of Texas Pacific Land Corp (NYSE: TPL), disclosed a purchase of one share of common stock at a price of $447.12 on April 7, 2026. The filing lists the total value of the purchase as $447.
At the time of the filing, Texas Pacific Land shares were quoted at $376.30, and the company carried a market capitalization of $25.89 billion. A separate InvestingPro analysis cited in the filing indicates that the stock appears overvalued at current levels according to Fair Value metrics.
Holding update and ownership adjustments
Following the reported purchase, Horizon Kinetics Asset Management LLC directly holds 3,435,489 shares of Texas Pacific Land Corp. The filing notes that this holding figure has been reduced by 25,808 shares as a consequence of the passing of Texas Pacific Land Corp director Murray Stahl. The report further states that Mr. Stahl's wife's shares are no longer subject to Section 16 reporting.
Company financials and valuation signals
Texas Pacific Land is described in the filing as financially robust, with gross profit margins reported at 93%. The company is also shown to have more cash than debt on its balance sheet, a detail commonly used by investors to assess balance-sheet strength.
Recent operating results and analyst commentary
In other company disclosures, Texas Pacific Land reported fourth-quarter 2025 results that missed consensus expectations. The company posted earnings per share of $1.79 versus a forecast of $1.83, and revenue of $212 million compared with an anticipated $214 million.
Separately, KeyBanc raised its price target on Texas Pacific Land to $639 from $350 while keeping an Overweight rating. In its note, KeyBanc highlighted meaningful developments related to power generation and data center potential on the company’s surface acreage and pointed to strong trends in the firm's water segment. The firm also observed increased investor interest, noting substantial client inquiries about Texas Pacific Land’s prospects for 2026.
Leadership and ownership context
The filing reiterates the passing of board member Murray Stahl, who also served as CEO and Chairman of Horizon Kinetics Holding Corporation, identified as Texas Pacific Land’s largest shareholder. The ownership adjustments noted above reflect the reported changes tied to his death.
The regulatory filing shows a minimal-sized open-market purchase in dollar terms, while other disclosures in the filing and public commentary signal a mix of strong profitability, a net cash position and differing views on valuation and near-term operating performance.