Horizon Kinetics Asset Management LLC, identified as a ten percent owner of Texas Pacific Land Corp (NASDAQ: TPL), reported buying a single share of common stock on February 23, 2026. The transaction, disclosed in a Form 4 filing with the Securities and Exchange Commission, recorded a price of $519.85 for the share and a total transaction value of $519.
Following the purchase, Horizon Kinetics’ direct stake in Texas Pacific Land stands at 3,479,378 shares. The filing places the purchase in the context of a stock that has seen notable near-term strength: TPL shares are trading close to their 52-week high, marked by an 18% increase over the past week and a year-to-date gain of 75%.
Market valuation metrics highlighted in available analysis show TPL trading at a price-to-earnings ratio of 72.21, a level characterized by InvestingPro as overvalued at current prices. That valuation assessment sits alongside fresh company results and recent analyst commentary.
Texas Pacific Land’s fourth-quarter 2025 financials missed analyst expectations. The company reported earnings per share of $1.79, short of the $1.83 consensus, while revenue totaled $212 million versus an expected $214 million.
In response to evolving opportunities on its surface acreage, KeyBanc raised its price target for Texas Pacific Land to $639 from $350 and maintained an Overweight rating. The firm pointed to meaningful developments in power generation and data center opportunities across the company’s surface acreage and also cited robust trends in the firm’s water segment.
KeyBanc’s outlook and the company’s reported results have generated heightened interest from other investment firms, prompting increased inquiries. The combination of a modest direct purchase by a major stakeholder, a steep rally in the share price, a high trailing P/E, the recent earnings miss and an elevated analyst price target provides a mixed set of signals for market participants.
Summary
Horizon Kinetics disclosed a one-share purchase of Texas Pacific Land on February 23, 2026, at $519.85, leaving it with 3,479,378 shares. The stock is trading near its 52-week high after steep recent gains and carries a P/E of 72.21 per InvestingPro. Texas Pacific Land’s Q4 2025 results slightly missed expectations, while KeyBanc lifted its price target substantially and highlighted opportunities in power generation, data centers and water on the company’s surface acreage.
Key points
- Horizon Kinetics purchased 1 share of TPL on February 23, 2026, at $519.85; it now owns 3,479,378 shares directly.
- TPL shares have risen 18% over the past week and 75% year-to-date, trading near their 52-week high.
- Fourth-quarter 2025 results missed expectations (EPS $1.79 vs $1.83; revenue $212 million vs $214 million) while KeyBanc raised its price target to $639 and kept an Overweight rating, citing developments in power, data centres and the water segment.
Risks and uncertainties
- Valuation risk: InvestingPro flags TPL as overvalued with a P/E of 72.21, which may influence investor perception in the equities market.
- Earnings performance: The company’s Q4 2025 EPS and revenue fell short of analyst estimates, introducing uncertainty around near-term operating momentum.
- Market reaction to analyst reassessments: Although KeyBanc raised its price target, shifts in expectations or inquiries from other firms could drive volatile trading in TPL shares.