Horizon Kinetics Asset Management LLC has disclosed a new acquisition in Texas Pacific Land Corp (TPL), according to a recent SEC filing. On July 8, 2026, the investment firm purchased one share of common stock at $397.47, bringing the total transaction value to $397. This move adds to the firm's existing stake, as it now directly holds 3,263,671 shares of TPL. Horizon Kinetics is classified as a ten percent owner of the company. Earlier in the year, on May 7, 2026, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, reporting beneficial ownership of 10,109,933 shares. The filing details the extent of HKAM's pecuniary interest in these shares.
The transaction occurs against a backdrop of strong performance for TPL. The stock has gained 38% year-to-date and 27% over the past six months, currently trading at $400.50. Texas Pacific Land maintains a robust balance sheet characterized by more cash than debt and boasts gross profit margins of 93%. Despite these strengths, analysis suggests the stock may be overvalued at current levels.
Financial results for the first quarter of 2026 further highlight the company's momentum. TPL reported earnings per share of $2.07, exceeding the projected $1.95. Revenue came in at $236.8 million, slightly above the anticipated $235.5 million. The company also announced a significant agreement with Chevron to supply land and brackish water for a large-scale power generation facility in Reeves County, Texas, known as Project Kilby. This deal involves providing surface acreage in exchange for cash and exclusive rights to source water for the project.
Market response has been notably positive. Texas Capital Securities reiterated a Buy rating with a price target of $440.00. KeyBanc maintained its Overweight rating, setting a price target of $639.00 based on insights from a recent company-hosted event. Trading activity in TPL options also surged, with a significant increase in call volume, indicating heightened investor interest.