Texas Pacific Land (TPL)
Monetizes Permian Basin land, energy royalties, surface access, and oilfield water services.
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Owns Permian Basin land and royalty interests that generate oil and gas royalties, easement and materials income, and selective land-sale proceeds. Water operations sell sourced and treated water and earn produced-water royalties, while results depend on commodity prices and activity decisions by regional operators.
Owns about 882,000 surface acres and oil-and-gas royalty interests concentrated in the Permian Basin of West Texas. Land and Resource Management collects oil and gas royalties without funding well development, while monetizing easements, commercial leases, materials, and selective land sales.
Runs Water Services and Operations through Texas Pacific Water Resources, supplying sourced and treated water, developing infrastructure, and earning produced-water royalties. Surface ownership also supports power-generation and data-center projects alongside energy development.
Execution centers on layering multiple revenue streams across the same acreage rather than producing hydrocarbons itself. Results remain tied to commodity prices, drilling and completion decisions, and spending by a limited group of Permian operators; water operations also face federal, state, local, and environmental regulation.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Feb 23, 2026 | Keybanc | Reiterate | Rating: —Target: $1,050 | Target: $639 |
| Dec 1, 2025 | KeyBanc | Target | Target: — | Target: $1,050 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $248.6M · Total debt $15.5M · Total assets $1.86B · Shareholders' equity $1.67B
- Revenue
- $246.1M
- Operating income
- $191.8M
- Net income
- $153.9M
HistoryDividendAnnual yield
| Institutions | 73.76% | 50.88M shares | |
|---|---|---|---|
| 908 holders · as of Jun 30, 2026 | |||
| Insiders | 11.76% | 8.11M shares | |
| 14 holders · as of Sep 17, 2026 | |||
| Other | 14.48% | 9.98M shares | |
| remainder | |||
68.97M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Horizon Kinetics Asset Management LLCInstitution | 14.21% | 9.80M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.68% | 5.30M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.75% | 3.96M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 5.52% | 3.81M | as of Jun 30, 2026 |
Peter DoyleInsiderdirector | 5.14% | 3.54M | filed Sep 17, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 21, 2026 | Horizon Kinetics Asset Management LLC | 10 percent owner | +1 | $348.98 |
| Sep 18, 2026 | Horizon Kinetics Asset Management LLC | 10 percent owner | +1 | $351.34 |
| Sep 17, 2026 | Horizon Kinetics Asset Management LLC | 10 percent owner | +1 | $349.35 |
| Sep 15, 2026 | Peter Doyle | director | +5 | $371.64 |
| Sep 16, 2026 | Horizon Kinetics Asset Management LLC | 10 percent owner | +1 | $352.36 |
- LandBridge
Permian surface-land and water-royalty owner; closest structural analog to TPL.
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- Dorchester Minerals
Passive royalty MLP; $202M Permian NRA acquisition in September 2024.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Texas Pacific Land | $357.52 | −2.53% | $25.30B | 46.8 | 35.4 | 28.2 | +31.2% |
| LandBridge | $86.03 | −1.74% | $6.74B | — | 38.4 | — | +40.5% |
| Viper Energy | $41.10 | −1.49% | $15.02B | 320.9 | 16.6 | 7.6 | +128.0% |
| WaterBridge Infrastructure | $29.54 | −1.30% | $1.41B | 66.9 | 49.2 | 1.9 | +10.7% |
| Black Stone Minerals | $14.77 | −0.61% | $3.16B | 12.3 | 14.2 | 6.5 | +39.6% |
| Kimbell Royalty Partners | $14.30 | −1.00% | $1.42B | 22.1 | 13.2 | 3.9 | +30.0% |
| Dorchester Minerals | $29.32 | −0.34% | $1.42B | 16.3 | — | 7.4 | +73.1% |
| Median | 22.1 | 16.6 | 6.5 | +40.1% |