Horizon Kinetics Quietly Buys Another Share of Texas Pacific Land Ahead of Earnings, Signaling Long‑Term Faith in Land Trust Model

Texas Pacific Land Corp. Sees Steady Accumulation by Horizon Kinetics Amid Positive Earnings Outlook

A recent filing shows Horizon Kinetics Asset Management LLC (HKAM) adding one share of Texas Pacific Land Corp. (TPLC) on February 17 at $433.00, barely above the market close of $426.42. The transaction is part of a broader buying spree that has seen HKAM acquire at least 2,400 shares in the past month, with an average purchase price hovering near $350–$400. The move comes just two days before the company’s earnings announcement on February 18, a timing that has investors questioning whether the purchase is a pre‑earnings play or a signal of longer‑term confidence.

Implications for Investors and the Company’s Future

The incremental buy is modest relative to HKAM’s holdings (over 3.4 million shares, roughly 11 % of issued equity), yet it signals a continued belief in TPLC’s asset‑backed model. With a price‑to‑earnings ratio of 62.5 and a 52‑week low of $269, the stock is trading near a 25‑year peak, suggesting valuation headroom. HKAM’s disciplined accumulation—often at a 2–3 % discount to the closing price—may encourage other investors to follow suit, potentially tightening the bid‑ask spread and improving liquidity. Conversely, the firm’s persistent buying in the face of a slightly negative year‑to‑date change (-9.29%) could be interpreted as a contrarian bet on a rebound, especially as the company’s earnings guidance is expected to be marginally stronger than the previous quarter.

Profile of Horizon Kinetics Asset Management LLC

HKAM has a long history of methodical, incremental purchases of TPLC shares. Since December 2024, the firm has bought at least 30,000 shares at prices ranging from $287 to $433, averaging a 5–10 % discount to market. The pattern of daily buys—often one share per transaction—indicates a strategy of gradual accumulation rather than large block purchases, reducing market impact. HKAM’s holdings have grown from roughly 1.2 million shares in late 2025 to over 3.4 million today, implying a belief in the company’s long‑term upside. The firm’s activity aligns with a broader trend of institutional investors favoring energy‑sector trusts that provide stable cash flows from land and royalty assets.

What This Means for TPLC’s Stakeholders

For TPLC’s management, the steady inflow from a respected asset manager is a positive sign of confidence in the trust’s strategy. It may also provide a cushion against potential share price volatility ahead of the earnings release, as HKAM’s holdings are likely to be held for the long term. For other shareholders, the continued buying may reinforce expectations of a modest earnings uptick and a stable dividend profile. Analysts will likely watch the company’s February earnings for signs of whether the trust can sustain its revenue mix and leverage its land portfolio effectively. If TPLC meets or exceeds guidance, HKAM’s incremental build could be seen as a prescient move; if not, the firm’s patience may still pay off as the trust’s assets appreciate over time.

Overall, Horizon Kinetics’ buying activity—though small in daily terms—adds a layer of institutional endorsement to Texas Pacific Land Corp., signaling confidence that the company’s land and royalty model will continue to generate attractive returns even as the broader energy market remains volatile.