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

Director Murray Stahl and related entities report purchases of Texas Pacific Land Corp stock under a pre-arranged Rule 10b5-1 plan.

Summary

• Murray Stahl, a director of Texas Pacific Land Corp, reported purchases of common stock on April 10, 2025.
• The purchases were made under a Rule 10b5-1 plan adopted on November 21, 2024.
• Stahl's direct and indirect holdings include shares held through Horizon Kinetics Asset Management LLC (HKAM) and other entities.
• The reported transactions involve multiple entities including Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, and POLESTAR OFFSHORE FUND LTD.
• The price per share for these purchases was $1,213.28 and $1,178.8.
• The total number of shares beneficially owned following the reported transactions is 325,713 by Horizon Kinetics Hard Assets, 5,564 by HORIZON CREDIT OPPORTUNITY FUND LP, 8,082 directly, 5,638 by HORIZON COMMON INC, and 129,229 by POLESTAR OFFSHORE FUND LTD.
• HKAM filed an amendment to its Schedule 13D on December 18, 2024, noting beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to the director's stock purchases, indicating confidence in the company. The use of a 10b5-1 plan adds transparency.

Positives

• The purchases indicate confidence in Texas Pacific Land Corp by a director and related entities.
• The use of a pre-arranged Rule 10b5-1 plan suggests a disciplined and transparent approach to trading.

Industry Context

Directors' stock purchases are often viewed as a positive signal, indicating confidence in the company's future prospects. Rule 10b5-1 plans are commonly used by corporate insiders to avoid accusations of insider trading.

Comparison to Industry Standards

• Comparing these transactions to other Form 4 filings within the oil and gas industry, the size of the purchases is notable, suggesting a strong belief in the company's value.
• Other comparable companies include Pioneer Natural Resources and Devon Energy, where similar insider activity can be analyzed for context.

Stakeholder Impact

• The stock purchases could positively influence 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, Rule 10b5-1, beneficial ownership, TPL