Horizon Kinetics Adds One Share of Texas Pacific Land Corp.—A Quiet, Long‑Term Bet in a Volatile Energy Market

Insider Buying Surge at Texas Pacific Land Corp. In early‑January, Horizon Kinetics Asset Management LLC (HKAM) executed a modest purchase of 1 share of Texas Pacific Land Corp. (TPLC) on January 6th, adding to a long‑standing accumulation that began in mid‑2025. The transaction, filed under Form 4/A, occurs against a backdrop of a slightly weakened share price (closing at $293.81 on 2026‑01‑05) and a broader energy‑sector sell‑off. Still, the move signals confidence from a sophisticated, institutional investor that has already built a stake of more than 3.4 million shares—about 0.7 % of TPLC’s outstanding equity—through a series of daily purchases at roughly $300 a share.

What This Means for Investors HKAM’s buying pattern shows a disciplined, dollar‑cost‑averaging approach rather than a single large trade. The fact that the investor continues to acquire shares as the stock oscillates between $270 and $310 suggests a belief in TPLC’s long‑term asset value, particularly its land, royalty and grazing income streams. For the broader market, the trade reinforces a narrative that TPLC’s valuation—its $20 billion market cap and a P/E of 43—may still be undervalued relative to its stable cash flow drivers. However, the modest size of the latest transaction and the recent negative sentiment (‑59) and heightened buzz (190 %) indicate that retail investors are watching closely, potentially amplifying short‑term volatility.

Horizon Kinetics: A Strategic Investor HKAM’s historical filings reveal a steady accumulation of TPLC shares since September 2025, with purchases clustering around $900–$1,000 in the latter part of the year before settling into the $280–$310 band in January 2026. The investor has never sold any TPLC shares, implying a long‑term commitment. HKAM’s portfolio strategy—emphasizing energy assets with predictable cash flows—aligns well with TPLC’s diversified revenue base from land sales, oil and gas royalties, and grazing leases. This consistency suggests that HKAM views TPLC as a core holding rather than a speculative play.

Strategic Outlook for Texas Pacific Land Corp. The company’s recent CFO transition—shifting from Mr. Yuttapong Artharn to Miss Nawaporn Songsri—may bring fresh financial oversight but is unlikely to disrupt the firm’s operational model. With its 52‑week high at $487.59 and low at $269.23, TPLC’s current price sits comfortably above the annual low, yet below the peak, leaving room for upside as the energy market stabilizes. The incremental insider buying by HKAM, coupled with the company’s solid asset base, could serve as a bullish signal for long‑term investors who value steady cash flow over short‑term price swings.

Bottom Line While the latest trade is small in absolute terms, it is part of a broader, deliberate accumulation by a seasoned energy‑sector investor. For market participants, HKAM’s continued interest underscores confidence in TPLC’s fundamentals, offering a potential anchor for price support as the company navigates sector‑wide volatility and benefits from its diversified land and royalty portfolio.