Transaction details and ownership
Horizon Kinetics Asset Management LLC, which holds about a 10 percent ownership position in Texas Pacific Land Corp (NYSE: TPL), increased its stake in the company on March 23, 2026 by purchasing one share of common stock. The single-share transaction was executed at a price of $529.07, representing a total outlay of $529. Following the trade, Horizon Kinetics directly owns 3,467,931 shares of Texas Pacific Land Corp.
Market context and valuation
Texas Pacific Land’s share price has advanced roughly 70 percent over the prior six months and is trading close to its 52-week high of $547.20. Despite the rally, InvestingPro analysis cited in the filings indicates the stock appears overvalued at current levels.
Earnings and analyst response
In its fourth-quarter 2025 results, Texas Pacific Land reported earnings per share of $1.79, which fell short of the consensus forecast of $1.83. Revenue for the quarter totaled $212 million, slightly below the expected $214 million. Those reported results have drawn attention from market participants and analysts.
KeyBanc has updated its outlook for the company, raising its price target to $639 from $350 while maintaining an Overweight rating. The firm pointed to meaningful developments tied to power generation and data center potential on Texas Pacific Land’s surface acreage and also highlighted strong trends within the company’s water business as potential contributors to future growth.
Investor interest and engagement
Despite the modest earnings miss, the company has seen growing investor interest, as reflected by a reported uptick in client inquiries about Texas Pacific Land’s prospects for 2026. For investors seeking additional context on valuation or other detailed analysis, an expanded Pro Research Report on TPL is available to subscribers through InvestingPro, which includes more than 15 additional tips and valuation commentary.
Bottom line
The single-share purchase by Horizon Kinetics formally increases its direct holdings to 3,467,931 shares. The transaction occurs against a backdrop of a strong multi-month price advance, a valuation assessment suggesting overvaluation, a slight quarterly earnings shortfall, and a materially higher price target from KeyBanc driven by opportunities tied to surface acreage uses.