Horizon Kinetics Asset Management LLC, identified as a ten percent owner of Texas Pacific Land Corp (NASDAQ: TPL), executed two small purchases of common stock on consecutive days at the end of March 2026. The firm bought one share on March 26 for $526.13 and another share on March 27 for $518.21, bringing the combined spend to $1,044.
After recording these transactions, Horizon Kinetics directly holds 3,467,935 shares of Texas Pacific Land Corp. The transactions are notable for their size relative to Horizon Kinetics’ overall stake, but they occurred against a backdrop of pronounced share-price appreciation earlier in the year.
Year-to-date, TPL stock has risen 78%, though the security has recently retreated to a trading level of $469.50. Third-party analysis cited in the company’s research materials places the stock at a relatively elevated valuation, with a reported price-to-earnings ratio of 67.29 according to InvestingPro analysis.
On the operating and financial front, Texas Pacific Land Corporation reported quarterly results for Q4 2025 that missed consensus estimates. The company posted earnings per share of $1.79, short of the $1.83 analysts had expected. Quarterly revenue totaled $212 million, which was slightly under the projected $214 million.
Despite the earnings and revenue shortfalls, at least one equity research firm adjusted its outlook in a bullish direction. KeyBanc raised its price target on Texas Pacific Land shares to $639 from $350 and maintained an Overweight rating. In its update, the firm highlighted developments in power generation and data center opportunities on the company’s surface acreage, and it also pointed to favorable trends in the company’s water business as drivers of growth potential.
KeyBanc further noted that investor interest in Texas Pacific Land has broadened, drawing attention from both long-only investors and traditional long/short funds. The firm attributed that growing interest to the company’s perceived growth prospects across multiple segments of its business.
The small scale of Horizon Kinetics’ most recent purchases contrasts with the larger narrative around valuation and institutional interest, leaving the trades as a technical data point within a wider set of signals - including the company’s recent earnings miss, a stretched P/E, and an upgraded price target from at least one analyst.