Form 4: Horizon Kinetics' Murray Stahl Reports Texas Pacific Land Corp Stock Purchases

Murray Stahl, a director at Texas Pacific Land Corp, reported several purchases of common stock through various entities associated with Horizon Kinetics.

Summary

• Murray Stahl, a director of Texas Pacific Land Corp, reported transactions involving the company's common stock on October 3, 2024.
• The transactions were purchases made through various entities associated with Horizon Kinetics, including Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, Horizon Common Inc, and Polestar Offshore Fund Ltd.
• The purchases were made at a price of $935 per share, with varying quantities acquired by each entity.
• Stahl also has indirect beneficial ownership through Horizon Kinetics Asset Management LLC, Horizon Kinetics Hard Assets II LLC, CDK Partners LP, CDK Fund Ltd, and his spouse.
• These purchases were made pursuant to a Rule 10b5-1 plan adopted on May 14, 2024.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The insider purchases suggest confidence, but the transactions are part of a pre-planned trading strategy.

Positives

• The purchases indicate confidence in Texas Pacific Land Corp's value at the $935 price point.
• The use of a 10b5-1 plan suggests a structured and pre-planned investment strategy.

Future Outlook

The document does not contain specific forward-looking statements about Texas Pacific Land Corp's future performance.

Industry Context

Texas Pacific Land Corp is a unique company that owns a significant amount of land in Texas, benefiting from oil and gas royalties and land sales. Insider transactions are closely watched as indicators of management's confidence in the company's prospects.

Comparison to Industry Standards

• Comparing Murray Stahl's transactions to other major shareholders or directors in similar land and royalty companies could provide context.
• For example, analyzing insider trading activity at companies like Viper Energy Partners or Black Stone Minerals could offer insights.
• However, Texas Pacific Land Corp's unique business model makes direct comparisons challenging.

Stakeholder Impact

• The insider purchases could positively influence shareholder sentiment.
• The transactions do not appear to have a direct impact on employees, customers, suppliers, or creditors.

Key Dates