Texas Pacific Land Corporation
At today's price, Texas Pacific Land Corporation (TPL) is priced for today's economics sustained for ~6.4 years. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high. Built from SEC EDGAR filings.
• Texas Pacific Land owns what its 10-K calls ⟦"approximately 882,000 surface acres"⟧ of the Permian Basin and collects tolls on nearly everything that happens above and below it, converting $0.84B of trailing revenue into $0.50B of net income, a 60% net margin with zero debt. • The risk is entirely in the price: no family of valuation method reaches today's level, which embeds growth held near the company's maximum self-funded pace for about seven years, a run only about 14% of comparable fast-
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839 institutional managers reported holding TPL in 13F filings for the quarter ended 2026-03-31. Together they hold about 73% of the company; the top 10 hold 49%. 173 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 3.9M shares were sold short as of the 2026-06-15 count, about 6% of shares outstanding (9.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
TPL has cut its share count 1.2% over the past five years, spending $185.47M on repurchases. It pays a dividend, and has paid one every year in our records (6 and counting); the current rate is $2.13 a share annually. Cash returned over the past three years: $586.85M in dividends and $53.79M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at TPL over the trailing three years: 2023: 63 buys totaling $441k; 2024: 118 buys totaling $1.65M; 2025: 168 buys totaling $783k; 2026: 89 buys totaling $495k. 13 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
TPL's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-03 | +8.4% | +10.0% |
| 2023-11-02 | -3.2% | -11.6% |
| 2024-02-22 | +4.0% | +15.2% |
| 2024-05-09 | +7.1% | +27.3% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
TPL's latest 8-K filings: 2026-06-23 (items 7.01, 9.01); 2026-05-18 (items 7.01, 9.01); 2026-05-06 (items 1.01, 2.02, 5.02, 7.01, 9.01); 2026-04-09 (items 7.01, 9.01); 2026-02-18 (items 2.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Last analyzed: July 11, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.