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

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

Summary

• On November 1, 2024, Murray Stahl, a director of Texas Pacific Land Corp, reported purchases of common stock through various 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 $1,174 per share, with one purchase at $1,184.45 per share.
• The reported transactions were made pursuant to a Rule 10b5-1 plan adopted on May 14, 2024.
• Stahl's beneficial ownership includes direct and indirect holdings through various funds and partnerships.
• The report also clarifies Stahl's relationship with Horizon Kinetics Asset Management LLC (HKAM) and the extent of his pecuniary interest in the shares beneficially owned.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to insider buying, which often signals confidence in the company's prospects. However, the purchases are part of a pre-arranged trading plan, which tempers the enthusiasm somewhat.

Positives

• The purchases indicate confidence in Texas Pacific Land Corp's future prospects from a director.
• The use of a pre-arranged Rule 10b5-1 trading plan suggests a disciplined and transparent approach to stock transactions.

Industry Context

Insider buying is often seen as a positive sign, indicating that those with the most knowledge of the company believe the stock is undervalued. However, it's important to consider the context of the purchases, such as the use of a pre-arranged trading plan.

Stakeholder Impact

• The stock purchases could positively influence shareholder sentiment.
• The purchases may have a negligible impact on employees, customers, suppliers, and creditors.

Key Dates