Horizon Kinetics Asset Management LLC, identified in public filings as a roughly 10% holder of Texas Pacific Land Corporation (NYSE: TPL), disclosed a purchase of one share of common stock on February 20, 2026. The reported per-share price for that acquisition was $504.28, resulting in a stated transaction value of $504.
At the time of the filing, Texas Pacific Land shares were trading close to a 52-week high of $518.79. The stock has risen 74% year-to-date and delivered a 15.6% gain over the prior week, reflecting significant upward momentum in recent months. Following the one-share purchase, Horizon Kinetics' direct ownership in the company stands at 3,479,377 shares.
Market valuation signals accompanying the filing were mixed. Analysis from InvestingPro included with the disclosure suggests the shares are priced above their platform-calculated Fair Value, noting a price-to-earnings ratio of 73.47. The InvestingPro material also points readers toward a Pro Research Report containing more than 20 additional tips for those seeking further valuation and company analysis.
Operational and financial data released by Texas Pacific Land for the fourth quarter of 2025 showed earnings per share of $1.79, slightly below the analysts' consensus estimate of $1.83. Revenue for the quarter was $212 million versus an expected $214 million, a narrow miss on the top line.
Despite the quarterly shortfall, KeyBanc adjusted its view on the company, increasing its price target to $639 from $350 while retaining an Overweight rating. KeyBanc's rationale cited meaningful activity and prospects related to power generation and data center opportunities on the company's surface acreage, and it also flagged robust trends in the company's water business.
Broker commentary has coincided with a broader uptick in investor attention. KeyBanc reported growing outreach from a range of investor types - long-only managers, traditional long/short funds and generalist allocators - with multiple clients requesting introductory conversations about the company as the stock has climbed 74% year-to-date.
In sum, the corporate filing documents a minimal, technical purchase by an existing large shareholder while public commentary and broker research paint a picture of rising market interest and differing views on valuation and near-term fundamentals.
Key points
- Horizon Kinetics, a roughly 10% holder, bought one TPL share on Feb. 20, 2026 at $504.28 and now directly holds 3,479,377 shares.
- TPL shares have rallied 74% year-to-date and traded near a 52-week high of $518.79, with a 15.6% gain over the prior week.
- Recent quarter: Q4 2025 EPS $1.79 vs. $1.83 estimate; revenue $212 million vs. $214 million estimate. KeyBanc raised its price target to $639 and kept an Overweight rating, citing surface-acreage opportunities and strong water trends.
Risks and uncertainties
- Valuation risk - InvestingPro analysis indicates shares may be trading above Fair Value, reflected in a P/E of 73.47, implying heightened sensitivity to earnings or sentiment shifts.
- Earnings execution - Q4 2025 results modestly missed expectations on both EPS and revenue, which could signal volatility in reported performance relative to analyst forecasts.
- Market concentration and investor flows - Rising interest from varied investor types could amplify price swings, particularly given the recent strong rally.