Horizon Kinetics Asset Management LLC, identified in a Securities and Exchange Commission Form 4 filing, recorded the purchase of one share of Texas Pacific Land Corp (NYSE: TPL) common stock on February 25, 2026. The filing shows the share was bought at a price of $510.65; the Form 4 lists the total transaction value as $510. Following that transaction, Horizon Kinetics is reported to directly own 3,479,380 shares of Texas Pacific Land and is described as a ten percent owner of the company.
While the quantity acquired in the filing is limited to a single share, the disclosure updates the public record of a sizable existing stake and the precise holding total after the trade. The purchase was made under the reporting obligations required by the SEC and recorded in the Form 4 that details insider and significant-holder transactions.
Quarterly performance and analyst reaction
Texas Pacific Land released fourth-quarter 2025 results that fell short of consensus expectations on both a per-share and a top-line basis. The company reported earnings per share of $1.79, compared with a forecast of $1.83. Revenue for the quarter came in at $212 million, versus an anticipated $214 million.
In the wake of those results, KeyBanc raised its price target on Texas Pacific Land shares to $639 from $350 and maintained an Overweight rating. In explaining the outlook, KeyBanc cited significant developments related to power generation and data center opportunities on the company’s surface acreage, and the firm also highlighted strong trends in Texas Pacific Land’s water segment.
KeyBanc’s commentary included a note of broader investor interest: the brokerage reported inquiries from long-only firms, traditional long/short funds, and generalist investors. Separately, Texas Pacific Land has recorded a 74% gain year-to-date.
Context and record limitations
The Form 4 documents the single-share purchase and the updated holding figure, but the filing does not provide additional commentary on intent or strategy behind the transaction. Likewise, while KeyBanc’s revised target and the company’s quarterly figures are recorded here, the filing and company disclosure do not connect Horizon Kinetics’ micro-purchase to the analyst action or to investor inquiry patterns described by KeyBanc.