Horizon Kinetics Asset Management LLC has taken a decisive step to increase its holdings in Texas Pacific Land Corp (TPL), according to a Form 4 filing submitted to the Securities and Exchange Commission. The asset management firm executed a direct purchase of one share of common stock on June 25, 2026. The transaction was completed at a price of $388.58 per share, bringing the total value of the acquisition to $388. This specific acquisition brings Horizon Kinetics' direct ownership of Texas Pacific Land Corp to a total of 3,393,560 shares.
The filing notes that Horizon Kinetics Asset Management LLC is recognized as a ten percent owner of Texas Pacific Land Corp. This status was previously highlighted in a Schedule 13D amendment filed on May 7, 2026, which disclosed beneficial ownership of 10,109,933 shares. The recent Form 4 filing serves to clarify the extent of Horizon Kinetics' pecuniary interest in the shares reported within the document.
Market data indicates that Texas Pacific Land Corp is currently valued at a market capitalization of $27.4 billion. The stock is trading at $395.30 per share, carrying a price-to-earnings ratio of 55.21. Valuation analysis from InvestingPro suggests that the stock appears overvalued when compared to its Fair Value, placing it on a list of companies identified as highly valued. Despite these valuation metrics, the company has demonstrated robust financial health, maintaining gross profit margins of 93% and delivering a 36% gain over the past six months.
In other corporate developments, Texas Pacific Land Corp reported financial results for the first quarter of 2026 that exceeded expectations. The company posted earnings per share of $2.07, surpassing the forecast of $1.95. Revenue also came in above projections, reaching $236.8 million against an expected $235.5 million. Furthermore, the company announced an agreement with Chevron U.S.A. Inc. to supply land and brackish water for Project Kilby, a large-scale power generation facility located in Reeves County, Texas. Under the terms of this agreement, Texas Pacific Land will provide surface acreage and retain the exclusive right to source aquifer-derived water for the project.
Analyst sentiment surrounding the company remains positive. Texas Capital Securities reiterated a Buy rating on Texas Pacific Land, maintaining a price target of $440.00 following the announcement of the Chevron deal. KeyBanc also maintained its Overweight rating, setting a price target of $639.00 after a company-hosted event that provided insights into existing business segments. These developments underscore the company's strategic positioning and the continued interest from financial analysts.