Horizon Kinetics Asset Management LLC has executed a recent purchase of Texas Pacific Land Corp (NYSE: TPL) common stock, as disclosed in a Form 4 filing dated July 14, 2026. The asset management firm acquired a single share at $408.37, bringing its total transaction value to $408. This acquisition is notable given Horizon Kinetics' status as a ten percent owner of the company, and it follows a previous beneficial ownership report of 10,109,933 shares filed in an amendment to its Schedule 13D on May 7, 2026. The latest filing clarifies the firm's pecuniary interest in its directly held shares, which now stand at 3,263,675.
At the time of the transaction, Texas Pacific Land Corp's stock was trading at $411.40, reflecting a robust 45% year-to-date gain and a 26% return over the preceding six months. The company's recent financial results for the first quarter of 2026 have been particularly strong, with earnings per share reaching $2.07, surpassing the projected $1.95. Revenue also exceeded expectations, clocking in at $236.8 million against a forecast of $235.5 million.
In a strategic development, Texas Pacific Land Corp has entered into an agreement with Chevron to supply land and brackish water for Project Kilby, a power generation facility located in Reeves County, Texas. This arrangement includes providing surface acreage and the exclusive right to source aquifer-derived water, supporting Chevron's large-scale operations.
Analysts have responded positively to these developments. Texas Capital Securities has reiterated a Buy rating on TPL, maintaining its $440 price target following the Chevron deal announcement. KeyBanc has also maintained its Overweight rating, setting a price target of $639 after a company-hosted event that highlighted existing business segments. Additionally, trading in Texas Pacific Land options has seen a significant uptick, with call volume reaching 2,016 contracts, suggesting heightened investor interest.