Horizon Kinetics Asset Management LLC, which holds a 10% ownership stake and a seat on the board of directors of Texas Pacific Land Corp (NASDAQ: TPL), has executed a recent purchase of the company's common stock. According to a filing submitted to the Securities and Exchange Commission, the asset management firm acquired a single share of TPL equity on July 21, 2026.
The transaction occurred at a price of $413.48 per share, resulting in a total investment of $413. This acquisition brings Horizon Kinetics' direct holding of Texas Pacific Land common stock to 3,263,680 shares. This direct ownership figure represents the pecuniary interest of the firm as detailed in the Form 4 filing. It stands in contrast to the broader beneficial ownership position reported in an amendment to the firm's Schedule 13D, which was filed on May 7, 2026, and indicated an interest in 10,109,933 shares.
Following this transaction, the stock is currently trading at $426 per share. This level represents a 46% gain for the year-to-date period. Despite this strong performance, analysis from InvestingPro suggests that the shares may be trading at a premium relative to their calculated fair value. The platform notes that TPL maintains a balance sheet with more cash than debt and has a history of consistent dividend payments, extending for 13 consecutive years.
On the operational front, Texas Pacific Land Corp recently delivered financial results for the first quarter of 2026 that exceeded market forecasts. The company reported an earnings per share of $2.07, surpassing the anticipated figure of $1.95. Revenue for the quarter came in at $236.8 million, slightly above the expected $235.5 million. In a significant development for its energy sector operations, the company announced an agreement with Chevron to supply land and brackish water for Project Kilby, a power generation facility located in Reeves County, Texas. This collaboration grants Texas Pacific Land the exclusive right to source aquifer-derived water for the project.
Market reaction to these developments has been reflected in analyst ratings and trading activity. Texas Capital Securities reiterated a Buy rating on the stock, maintaining a price target of $440.00 following the Chevron agreement. KeyBanc also maintained its Overweight rating, setting a higher price target of $639.00 after participating in a company-hosted event. The event featured management presentations on existing business segments and was primarily attended by shareholders. Additionally, trading activity in Texas Pacific Land options saw a surge, with call volume reaching 2,016 contracts.