Horizon Kinetics Asset Management LLC, which holds approximately 10% of Texas Pacific Land Corp (NYSE: TPL), reported a purchase of one share of the company’s common stock on March 30, 2026. The trade was executed at a price of $494.25, representing a reported total value of $494. Following the transaction Horizon Kinetics directly owns 3,467,936 shares.
The purchase is small in nominal terms but is documented against the backdrop of a notable run in the company’s share price: TPL has risen by more than 50% over the past six months. The stock currently carries a price-to-earnings ratio of 67.89.
Recent company results offer a mixed picture. Texas Pacific Land reported fourth-quarter 2025 earnings per share of $1.79, below the consensus forecast of $1.83. Revenue for the quarter was $212 million, which fell slightly short of the $214 million analysts had anticipated.
Following the earnings release, KeyBanc adjusted its view on the company’s prospects, increasing its price target from $350 to $639 while maintaining an Overweight rating. The firm attributed the change to what it described as significant developments in power generation and data center opportunities across Texas Pacific Land’s surface acreage, and it highlighted strong trends within the company’s water segment. KeyBanc further observed increased investor interest, noting inquiries from long-only managers, traditional long/short funds, and generalist investors.
The combination of a concentrated institutional stake, a recent run-up in the share price, elevated valuation metrics, and analyst optimism around surface-rights monetization underpins the current market narrative around TPL.
Summary
Horizon Kinetics recorded a one-share purchase of Texas Pacific Land on March 30, 2026 at $494.25, bringing its direct holdings to 3,467,936 shares. The stock has appreciated more than 50% over six months and trades at a P/E of 67.89. Q4 2025 EPS of $1.79 and revenue of $212 million both missed consensus estimates. KeyBanc raised its price target to $639 from $350 and kept an Overweight rating, citing surface acreage opportunities in power generation and data centers and strength in the water business, while noting broader investor interest.
Key points
- Horizon Kinetics purchased 1 share of TPL on March 30, 2026 at $494.25; total reported value $494; post-transaction direct ownership is 3,467,936 shares.
- TPL shares have climbed over 50% in the past six months and trade at a P/E ratio of 67.89.
- Q4 2025 results showed EPS of $1.79 versus a $1.83 forecast and revenue of $212 million versus an expected $214 million; KeyBanc raised its price target to $639 and cited power generation, data center opportunities, and strong water trends.
Risks and uncertainties
- Reported Q4 2025 EPS underperformed consensus ($1.79 vs. $1.83), reflecting an earnings miss in the latest quarter.
- Revenue for Q4 2025 came in slightly below expectations ($212 million vs. $214 million), indicating near-term top-line pressure relative to forecasts.
- TPL’s valuation is elevated, with a P/E of 67.89, which may reflect heightened expectations that could influence market sensitivity to future results.
All figures and statements in this piece are drawn from the reported transaction, the company’s disclosed quarterly results, and the KeyBanc commentary as described above.