Major Shareholders of U.S. Land and Royalty Company Acquire Stakes Worth 2 Trillion Won

Horizon Kinetics Asset Management, a major shareholder of U.S.-listed land and royalty company Texas Pacific Land Corp (TPL), disclosed that it acquired additional TPL common shares in the open market on April 2, 14, and 17 at prices between $410 and $440 per share. As a result, Horizon Kinetics’ direct stake now stands at approximately 3.4 million shares, representing around $1.5 billion in market value (roughly 2 trillion KRW). According to the amended Schedule 13D filing, the potential total holding, including shares related to board member Murray Stahl, is about 10 million shares. A footnote clarifies that Murray Stahl, a TPL director, does not exercise investment decision-making authority over securities managed by Horizon Kinetics.

Since April, Horizon Kinetics has continued to make small additional purchases, and TPL’s stock has rallied more than 50 percent year to date. However, shares briefly tumbled in double digits following the news of the passing of Murray Stahl, who served as both a board member and former CEO of Horizon Kinetics. KeyBanc has maintained an overweight rating on TPL—citing growth potential in power infrastructure, data-center development, and water-resource businesses—and has raised its price target to $639. In its fourth-quarter fiscal 2025 results, the company reported earnings per share of $1.79, slightly below the market consensus of $1.83.

Texas Pacific Land is one of the largest private landowners in the western Permian Basin of Texas, holding extensive land and mineral rights. The company does not operate oil fields directly; instead, it generates revenue through oil and gas production royalties, water sales, surface-use fees, and land leases. TPL highlights rising oil production and growing demand for water-treatment and resource-infrastructure services, and it views opportunities to develop power and data centers on its vast land holdings as medium- to long-term growth drivers.