Horizon Kinetics Builds 10% Stake in Texas Pacific Land, Fueling Bullish Momentum Amid Strong Land‑Sale Pipeline

Insider Buying Builds Momentum for Texas Pacific Land

Over the past three weeks Texas Pacific Land Corp. (TPLC) has seen a steady stream of purchases by the investment vehicle Horizon Kinetics Asset Management LLC. The latest transaction, a 1‑share purchase at $520.15 on February 24, 2026, brings the firm’s holdings to 3,479,379 shares—just under 10 % of the company’s outstanding equity. The series of daily buys, each at slightly higher prices, signals a disciplined accumulation strategy that has kept pace with TPLC’s strong share‑price rally (a 48.1 % monthly gain and a 14.8 % weekly gain).

Implications for Investors

For shareholders, Horizon’s continued buying is a bullish sign. The firm’s stake represents a significant “institutional endorsement” amid a market where many investors remain cautious about energy‑sector valuations. TPLC’s current price of $532 is still well below its 52‑week high of $547.20, suggesting room for upside if the company sustains its land‑sale and royalty pipeline. The buy activity coincides with a mild 0.05 % dip in the stock price, but the positive social‑media sentiment (+7) and high buzz (113 %) indicate that the market is treating these purchases as a signal of confidence rather than a reaction to a price decline.

What Horizon Kinetics Is Doing

Horizon has maintained a consistent buying rhythm since late January. The firm’s average purchase price over the past month is roughly $330–$350 per share, rising to $520 in late February. This pattern shows a “step‑up” strategy: buying at lower prices during the earlier part of the year and accumulating as the share price climbs. Historically, Horizon’s trades have been executed with minimal volatility, suggesting that the manager is focused on long‑term value rather than short‑term speculation. The fact that Horizon’s holdings grew from 3,487,700 shares at the end of January to 3,479,379 by February’s close indicates an aggressive build phase that is now tapering as the firm reaches its target stake.

Leadership Activity in Context

While Horizon’s moves dominate the recent insider calendar, other key executives have also been active. CFO Chris Steddum and CEO Tyler Glover have been buying and selling in the same period, often in smaller volumes. Their activity—mixing common shares and restricted stock units—suggests a balanced approach to liquidity and incentive alignment. The simultaneous buying by Horizon and the management team reinforces a shared belief that TPLC’s assets, especially its land and royalty portfolio, are undervalued relative to the broader energy market.

Outlook for Texas Pacific Land

Given Horizon’s stake and the broader institutional interest, the market may interpret TPLC’s share price as undervalued, especially if the company continues to deliver on its land‑sale and royalty pipeline. Investors should monitor the firm’s quarterly earnings, as a 73.47 price‑earnings ratio is high relative to the sector; however, the company’s cash‑generating assets could justify the premium if the supply chain and regulatory environment remain favorable. In short, Horizon’s sustained buying, coupled with positive social‑media sentiment and a strong performance trajectory, points to a potential upside for shareholders who can ride out the current volatility.