Horizon Kinetics Gradually Builds a Stake in Texas Pacific Land, Hinting at Long‑Term Confidence Amid Market Turbulence

Insider Buying Builds Momentum for Texas Pacific Land

Over the past few weeks, Texas Pacific Land Corp. (TPLC) has seen a steady stream of purchases by the investment vehicle Horizon Kinetics Asset Management LLC (HKAM). The most recent transaction – a 1‑share acquisition on January 6, 2026 – was executed at $285.79, just $0.39 above the day’s close. Although the price move is modest, the cumulative buying activity of HKAM, which has added more than 3.4 million shares since the end of 2025, signals a sustained confidence in the company’s long‑term prospects.

The buying pattern is telling. HKAM’s first tranche of shares in December 2025 was purchased at roughly $290 per share, a price comfortably above the then‑high of $487 set in March. Over the next month, the firm steadily increased its stake, often buying at prices in the mid‑$300 range. This disciplined, incremental approach suggests that HKAM is positioning itself for a meaningful holding rather than a quick flip. The firm’s activity contrasts sharply with the broader market, which has been trading below its 52‑week low of $269.23 and has shown a sharp yearly decline of 34.5 %. In a sector that has been pressured by commodity swings and regulatory headwinds, such targeted buying can be viewed as a vote of confidence.

What This Means for Investors

For equity holders, HKAM’s sustained purchases could be a positive signal. A large, long‑term shareholder often brings stability, as they are less likely to engage in short‑term speculation. Moreover, HKAM’s buy‑and‑hold strategy may align with the company’s strategic priorities—particularly its focus on land sales, oil and gas royalties, and grazing leases—providing a supportive partner that shares in the upside. On the flip side, the current price of $285.79 is still a substantial discount to the 52‑week high and sits near the bottom of the company’s long‑term range. This could mean that the market has not yet fully priced in the benefits of the new CFO transition or the company’s potential to unlock value through operational efficiencies and asset sales.

Profile of Horizon Kinetics Asset Management

Horizon Kinetics Asset Management LLC is a professional investment firm that has a history of disciplined, incremental share accumulation in its target companies. Over the last year, HKAM has built a sizable stake in Texas Pacific Land, adding roughly 2.5 million shares at prices that track the firm’s perceived intrinsic value rather than market noise. The firm’s transactions are almost exclusively “buy” orders, indicating a focus on building ownership rather than liquidating positions. HKAM’s consistent activity across a range of prices—often buying at premium points during market dips—suggests a strategy that balances risk management with a long‑term investment horizon.

Conclusion

Horizon Kinetics Asset Management’s steady buying activity at Texas Pacific Land, coupled with the firm’s disciplined, incremental approach, offers a subtle but encouraging signal to shareholders. While the company remains under pressure from broader market dynamics, the presence of a patient, long‑term investor could help stabilize share price and support management’s strategic initiatives. For investors watching for catalysts in the energy sector, keeping an eye on HKAM’s holdings and subsequent trades may provide early insight into the company’s trajectory and the broader market’s appetite for asset‑heavy energy trusts.