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

Director Murray Stahl reported purchases of Texas Pacific Land Corp stock through various entities, including Horizon Kinetics, under a pre-arranged Rule 10b5-1 plan.

Summary

• On April 9, 2025, Murray Stahl, a director of Texas Pacific Land Corp, reported purchasing shares of the company's common stock through several entities.
• The purchases were made under a Rule 10b5-1 plan adopted on November 21, 2024.
• The price per share for these transactions was approximately $1,103.71 and $1,095.67.
• The entities involved include Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, and POLESTAR OFFSHORE FUND LTD.
• Stahl's reported beneficial ownership includes direct and indirect holdings through various entities managed by Horizon Kinetics Asset Management LLC (HKAM).
• As of December 18, 2024, HKAM reported beneficial ownership of 3,578,173 shares, with Stahl's direct interest being 7,848 shares and indirect interest approximately 156,083 shares.
• Stahl disclaims beneficial ownership over shares managed by HKAM where he doesn't participate in investment decisions, except to the extent of his pecuniary interest.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It reflects routine stock purchases by a director under a pre-arranged plan. There's no indication of significant positive or negative implications.

Positives

• The purchases by a director may signal confidence in the company's future prospects.
• The use of a Rule 10b5-1 plan suggests a structured and pre-planned investment approach, mitigating concerns about insider trading.

Management Comments

• Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any.

Industry Context

Directors' stock purchases are often monitored as indicators of company health and management confidence. Rule 10b5-1 plans are common mechanisms for insiders to trade without raising concerns about insider trading.

Comparison to Industry Standards

• Comparing insider trading activity at Texas Pacific Land Corp to similar land resource companies like Viper Energy Partners LP or mineral rights companies can provide context.
• Monitoring the frequency and size of insider transactions relative to the company's market capitalization and trading volume can be informative.
• Analyzing the use of Rule 10b5-1 plans among peer companies can highlight common practices in the industry.

Stakeholder Impact

• The stock purchases could have a slightly positive impact on shareholder sentiment.
• The transactions do not appear to have a direct impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

Texas Pacific Land Corp, Murray Stahl, Horizon Kinetics, stock purchase, Form 4, beneficial ownership, Rule 10b5-1 plan, director