Horizon Kinetics Quietly Builds Over 3.4 Million Shares in Texas Pacific Land, Eyes Undervalued Land & Royalties Play

Insider Buying Spikes Amid a Quiet Market – What Horizon Kinetics Is Doing

Texas Pacific Land Corp. (TPLC) has seen a steady stream of purchases by Horizon Kinetics Asset Management LLC in the last weeks, culminating in a $345.07 purchase on February 4, 2026. The transaction is part of a broader pattern that has seen Horizon buy roughly one share per day since late January, averaging a cost around $340–$350. This disciplined, incremental approach suggests a belief that the stock is undervalued relative to its 52‑week low of $269.23 and its strong land‑and‑royalty fundamentals.

Implications for Investors and the Company

The persistent buying by Horizon, combined with a modest negative price change (-0.01%) and a surprisingly high social‑media buzz (155.68 %) but positive sentiment (+3), points to a “quiet confidence” in the company’s prospects. Horizon’s purchases are small in dollar terms, which limits short‑term impact on price, yet the cumulative stake—over 3.4 million shares—represents a non‑trivial ownership percentage. For investors, this may be a signal that a professional asset manager sees upside potential in TPLC’s land portfolio, oil‑and‑gas royalties, and grazing leases. The company’s recent earnings guidance, which forecasts a modest earnings‑per‑share increase, aligns with this view.

Horizon Kinetics – A Profile of Steady, Opportunistic Buying

Horizon Kinetics Asset Management LLC has a long track record of incremental purchases across a range of mid‑cap U.S. companies. Their filings show a preference for “buy” transactions at modest price levels, often averaging around the mid‑$300s for energy‑sector names. The firm’s activity is typically spread over several days, indicating a patient‑capital approach rather than a rapid accumulation or a short‑swing trade. In the case of TPLC, Horizon’s purchases began after a stock split in December 2025, which increased the share count but maintained a stable per‑share price base. This pattern is consistent with Horizon’s broader strategy of building positions in companies with strong asset bases and predictable cash flows.

What This Means for TPLC’s Future

If Horizon continues its buying trend, the company may see a gradual increase in shareholder confidence and potentially a modest upward pressure on the share price. However, the 52‑week high of $487.59 is still far above the current price, suggesting that a significant rally would require either a substantial earnings beat or a macro‑economic shift in energy demand. In the interim, TPLC’s focus on land sales, oil and gas royalties, and grazing leases remains a steady source of income, and the company’s market cap of $23.2 billion indicates that it is a well‑capitalized player in a competitive sector. Investors should watch Horizon’s next filings for any sign of a change in position size, as that could signal a turning point in the company’s valuation narrative.