Texas Pacific Land Corporation
In the published model solve dated 2026-Q2, anchored at $336.46, Texas Pacific Land Corporation (TPL) is priced for today's economics sustained for ~5.6 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 11, 2026 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: 2026-09-25 (items 5.02, 5.08); 2026-08-05 (items 2.02, 7.01, 9.01); 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).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: 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.