Horizon Kinetics Asset Management LLC - identified as owning about 10% of Texas Pacific Land Corporation (NYSE: TPL) - disclosed a purchase of one share of Texas Pacific Land common stock on April 13, 2026. The reported per-share price was $414.88, which the filing lists as totaling $414. After the trade, Horizon Kinetics directly holds 3,435,495 shares of the company.
The purchase coincided with recent volatility in TPL shares. Over the prior week the stock had declined 7.3%, while over a six-month horizon the shares remained up 38%. The company is valued at approximately $28.7 billion and, according to InvestingPro metrics cited in the filing, the share price sits above InvestingPro's Fair Value estimate - a designation that places the stock in an overvalued bucket by that measure.
Separately, Texas Pacific Land confirmed the death of board member Murray Stahl. Stahl was a prominent figure with deep ties to the company - he served as CEO and Chairman of Horizon Kinetics, which is the largest shareholder of Texas Pacific Land. The announcement of his passing was followed by swings in the company's stock price as investors and analysts reacted to the news.
In response to recent developments, KeyBanc sustained an Overweight rating on Texas Pacific Land and raised its price target to $639. KeyBanc's commentary emphasized potential commercial opportunities across the company's landholdings, specifically citing prospects for power generation projects and data center development, along with robust trends in the company's water business. The firm also noted a pickup in investor inquiries, describing interest from a range of investment funds.
On the Horizon Kinetics leadership front, the filing noted that Steven Bregman and Peter Doyle will serve as co-CEOs of Horizon Kinetics. The combination of the single-share acquisition, the board vacancy, the analyst action from KeyBanc, and heightened investor curiosity have kept Texas Pacific Land in the spotlight among market participants.
For investors seeking additional valuation and financial detail on Texas Pacific Land, the filing refers to a comprehensive Pro Research Report available through InvestingPro that covers this company and more than 1,400 other U.S. equities.