Form 4: Murray Stahl, Director at Texas Pacific Land Corp, Reports Stock Purchases

Murray Stahl, a director at Texas Pacific Land Corp, reported purchasing shares of common stock through various entities, including Horizon Kinetics Asset Management LLC, under a Rule 10b5-1 plan.

Summary

• On March 15, 2024, Murray Stahl, a director of Texas Pacific Land Corp, reported the purchase of common stock through several entities.
• These entities include 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 $1,666.49 per share.
• These purchases were executed under a Rule 10b5-1 plan adopted on September 14, 2023.
• Stahl's beneficial ownership includes direct and indirect holdings through various investment funds and partnerships.
• As of February 28, 2024, Horizon Kinetics Asset Management LLC (HKAM) reported beneficial ownership of 1,271,975 shares, with Murray Stahl having a direct interest in 2,474 shares and an indirect interest in approximately 53,550 shares.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to insider buying, which often signals confidence in the company's prospects. The use of a 10b5-1 plan adds a layer of transparency and reduces concerns about opportunistic trading.

Positives

• The purchases indicate confidence in the company's future prospects from a key insider.
• The use of a pre-arranged Rule 10b5-1 plan suggests a disciplined and transparent approach to stock purchases.

Future Outlook

The document does not contain specific forward-looking statements regarding the company's future performance.

Management Comments

• Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer.
• These accounts are managed by HKAM, in which Mr. Stahl serves as Chairman, Chief Executive Officer and Chief Investment Manager but does not participate in investment decisions with respect to the securities of the Issuer.

Industry Context

Insider buying can be seen as a positive signal in the market, suggesting that those with the most knowledge of the company believe it is undervalued. Rule 10b5-1 plans are commonly used by corporate insiders to avoid accusations of insider trading.

Comparison to Industry Standards

• Texas Pacific Land Corp is a unique company focused on land ownership and resource management, making direct comparisons challenging.
• However, insider trading activity is closely monitored across all publicly traded companies, and compliance with Rule 10b5-1 is a standard practice.
• Comparable companies in the natural resources sector include firms like Antero Resources and Pioneer Natural Resources, where insider activity is similarly scrutinized.

Stakeholder Impact

• The reported stock purchases could positively influence shareholder sentiment.
• The purchases do not have a direct impact on employees, customers, suppliers, or creditors.

Key Dates