Track market-moving stories before they get noisy

Posted by Defense World Staff on Jul 26th, 2026

Stabilis Solutions (NASDAQ:SLNG – Get Free Report) and Texas Pacific Land (NYSE:TPL – Get Free Report) are both energy companies, but which is the superior business? We will compare the two companies based on the strength of their analyst recommendations, profitability, risk, valuation, earnings, institutional ownership and dividends.

Insider & Institutional Ownership 3.8% of Stabilis Solutions shares are owned by institutional investors. Comparatively, 59.9% of Texas Pacific Land shares are owned by institutional investors. 72.2% of Stabilis Solutions shares are owned by company insiders. Comparatively, 6.9% of Texas Pacific Land shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company is poised for long-term growth.

Risk and Volatility Stabilis Solutions has a beta of -0.32, suggesting that its stock price is 132% less volatile than the S&P 500. Comparatively, Texas Pacific Land has a beta of 0.58, suggesting that its stock price is 42% less volatile than the S&P 500.

Earnings and Valuation This table compares Stabilis Solutions and Texas Pacific Land”s gross revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Stabilis Solutions $68.25 million 1.25 -$1.35 million ($0.20) -23.00 Texas Pacific Land $798.19 million 36.24 $481.38 million $7.30 57.46 Texas Pacific Land has higher revenue and earnings than Stabilis Solutions. Stabilis Solutions is trading at a lower price-to-earnings ratio than Texas Pacific Land, indicating that it is currently the more affordable of the two stocks.

Profitability This table compares Stabilis Solutions and Texas Pacific Land’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Stabilis Solutions -6.25% -5.85% -4.16% Texas Pacific Land 60.03% 35.52% 31.95% Analyst Recommendations This is a breakdown of current ratings and price targets for Stabilis Solutions and Texas Pacific Land, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Stabilis Solutions 1 1 0 0 1.50 Texas Pacific Land 2 1 1 0 1.75 Stabilis Solutions currently has a consensus target price of $10.00, suggesting a potential upside of 117.39%. Texas Pacific Land has a consensus target price of $639.00, suggesting a potential upside of 52.34%. Given Stabilis Solutions’ higher possible upside, analysts clearly believe Stabilis Solutions is more favorable than Texas Pacific Land.

Summary Texas Pacific Land beats Stabilis Solutions on 12 of the 14 factors compared between the two stocks.

About Stabilis Solutions (Get Free Report)

Stabilis Solutions, Inc., together with its subsidiaries, an energy transition company, provides clean energy production, storage, transportation, and fueling solutions primarily using liquefied natural gas (LNG) to various end markets in North America. The company offers LNG solutions to customers in aerospace, agriculture, energy, industrial, marine bunkering, mining, pipeline, remote power, and utility markets. It also provides engineering and field support services, as well as rents cryogenic equipment. The company was founded in 2013 and is headquartered in Houston, Texas. Stabilis Solutions, Inc. is a subsidiary of LNG Investment Company LLC.

About Texas Pacific Land (Get Free Report)

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas. The Land and Resource Management segment manages surface acres of land, and oil and gas royalty interest in West Texas. This segment also engages in easements, such as transporting oil, gas and related hydrocarbons, power line and utility, and subsurface wellbore easements. In addition, this segment leases its land for processing, storage, and compression facilities and roads; and is involved in sale of materials, such as caliche, sand, and other material, as well as sells land. The Water Services and Operations segment provides full-service water offerings, including water sourcing, produced-water treatment, infrastructure development, and disposal solutions to operators in the Permian Basin. This segment also holds produced water royalties. Texas Pacific Land Corporation was founded in 1888 and is headquartered in Dallas, Texas.

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Posted by Defense World Staff on Jul 19th, 2026

Bank of New York Mellon Corp grew its holdings in Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 1.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 357,379 shares of the financial services provider’s stock after acquiring an additional 4,570 shares during the period. Bank of New York Mellon Corp owned about 0.52% of Texas Pacific Land worth $169,598,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after purchasing an additional 545 shares during the period. NewEdge Advisors LLC boosted its position in shares of Texas Pacific Land by 74.1% in the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock worth $1,211,000 after buying an additional 389 shares during the period. Woodline Partners LP boosted its position in shares of Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock worth $2,109,000 after buying an additional 461 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after buying an additional 12 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Texas Pacific Land by 2,177.5% during the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock valued at $4,812,000 after buying an additional 4,355 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analyst Ratings Changes Several analysts have issued reports on TPL shares. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Zacks Research cut shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $639.00.

Check Out Our Latest Analysis on TPL

Insider Buying and Selling at Texas Pacific Land In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the transaction, the chief financial officer owned 12,870 shares in the company, valued at approximately $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Performance Shares of TPL stock opened at $415.88 on Friday. The company’s 50-day simple moving average is $392.52 and its 200-day simple moving average is $412.05. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The stock has a market capitalization of $28.68 billion, a price-to-earnings ratio of 56.97 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. As a group, research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.60 dividend. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio is 32.88%.

Texas Pacific Land Company Profile (Free Report)

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.

Featured Articles Five stocks we like better than Texas Pacific Land Netflix May Be Cheap Enough to Tempt Buyers After Earnings Drop Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs? The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story Why Intuitive Surgical’s Strong Quarter Still Spooked Investors Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL – Free Report).

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Shares of Texas Pacific Land Corporation (TPL +1.80%) rallied 52.4% in the first half of 2026, according to data from S&P Global Market Intelligence.

Texas Pacific owns a large land portfolio and oil and gas royalty interests in West Texas, a center for both U.S. oil and gas development, as well as the AI data center build-out. Therefore, the first half of 2026 provided a somewhat ideal environment for the company to thrive.

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War with Iran and the agentic AI boom spell growth for Texas Pacific One of the big factors in Texas Pacific's first half story was, obviously, the war in Iran and the subsequent rise in oil and gas prices. TPL's portfolio of 882,000 surface acres and 224,000 NRA (net royalty acres) near the Permian Basin positions it to benefit from higher prices. Higher oil and gas prices not only spur oil and gas companies to explore, lease, and drill on more land, but they also increase TPL's royalties, given that most royalties are based on a percentage of sales, and therefore rise along with prices.

Not only that, but West Texas is also becoming a prime location for AI data centers, thanks to its cheap land, lower regulatory burden, and access to abundant energy. AI data centers also require a lot of water, and TPL is also a major water producer, owning not only the groundwater on its land but also a water treatment facility in the state as well.

These capabilities led to a large AI data center partnership with Bolt, an AI data center start-up helmed by former Alphabet CEO Eric Schmidt. Bolt has ambitions to build 10 gigawatts of AI computing data centers in Texas. TPL invested $50 million in Bolt in December, and under the terms of the deal, may take even more of a stake in in Bolt in exchange for its surface acres, while also receiving a right of first refusal to provide Bolt with power and water to its future data centers. Although TPL's direct $50 million investment in Bolt occurred in late December, more details about the deal emerged during the company's fourth-quarter earnings call in February.

After a February surge, Texas Pacific's stock took a bit of a downturn in March and April as oil prices fell from their highs, as a tentative ceasefire was agreed to on April 7. Furthermore, the stock came under renewed pressure following the unexpected death of the CEO of Horizon Kinetics Holdings (HKHC +2.60%), which is Texas Pacific's largest shareholder. The unexpected death triggered a sell-off, as investors pondered whether Horizon would sell its stake should new management seek to wind down the company's holdings.

However, there was more good news toward the end of June for TPL, when the company announced a deal with Chevron (CVX +1.82%), which is building a power generation plant on TPL land to support a customer's data center in Reeves County, Texas. TPL will supply land and brackish water for the project.

Image source: Getty Images.

Texas Pacific is well-positioned for the AI boom, but priced accordingly Texas Pacific is in a very fortunate position, owning a massive amount of land and oil and gas royalty rights in an oil and gas-rich region, which is also becoming "ground zero" for the AI data center build-out.

After the first half run, TPL shares look a bit expensive at 55 times trailing earnings and roughly 38 times this year's earnings estimates; however, keep in mind that, as a royalty company, Texas Pacific is relatively asset-light, with strong growth prospects thanks to the continued AI-related development of West Texas. As such, it's a strong addition to any stock portfolio aiming to capitalize on the AI boom and U.S. energy security.

I've decided to replace my existing Permian exploration and production exposure with Texas Pacific Land Corporation. The stock shows evidence of upside capture during bullish oil price cycles. Water services and toll-booth oil and gas royalties limit downside capture in down-cycles. I enjoy the idea of CapEx being spent on growth instead of maintenance, which is a feature distinct from oil and gas producers.

DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) today announced an agreement with Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX) ( “Chevron”) to provide land and brackish water resources for Chevron’s recently announced development known as Project Kilby, involving a large-scale power generation facility Chevron is developing to support a customer data center in Reeves County, Texas.

As part of the agreement, TPL contributed surface acreage in exchange for cash consideration and the exclusive right to source aquifer-derived water for the power generation facility and other associated aspects of the project.

“This advancement of giga-watt scale power generation and data centers developed by the industry’s leading technology, energy, and industrial companies validates West Texas as a premier location for compute infrastructure,” said Ty Glover, CEO of TPL. “As the world’s largest supplier of conventional energy and a leading source of renewable energy, the Permian Basin combines critical resources with skilled talent and a supportive regulatory environment. We believe these virtues position the region to become a major hub for compute services, and TPL is well positioned to support that growth through our leading surface footprint, industry relationships, and access to energy and water resources.”

Chevron has emphasized that water stewardship and community engagement are central considerations as the project advances. TPL intends to supply brackish groundwater, helping reduce demand for shared freshwater resources and reinforcing its ongoing commitment to responsible water development in the Permian Basin. TPL also continues to advance solutions for reuse of desalinated produced water from oil and gas operations.

“This project demonstrates how large‑scale energy infrastructure can be developed responsibly in West Texas to meet the increasing demands for power and technology,” said Daniel Droog, Vice President, Power Solutions of Chevron. “By securing access to land and reliable sources for non‑potable brackish water supply, engaging openly with the community, and working closely with trusted long-term value chain partners such as TPL we aim to support economic growth while respecting the importance of water stewardship in West Texas.”

About Texas Pacific Land

Texas Pacific Land Corporation is one of the largest landowners in the State of Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provides revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of the Company’s land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from the Company’s oil and gas royalty interests, and revenue related to saltwater disposal on the Company’s land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and temporary permits principally related to a variety of land uses including, but not limited to, midstream infrastructure projects and hydrocarbon processing facilities.

Visit TPL at http://www.TexasPacific.com.

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, statements regarding TPL’s business strategy, plans and objectives. TPL believes that the expectations reflected in these “forward-looking statements” are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond TPL’s control. In addition, assumptions may prove to be inaccurate. Actual results may differ materially from those anticipated or implied in “forward-looking statements” as a result of a variety of factors. These “forward-looking statements” speak only as of the date made, and other than as required by law, TPL undertakes no obligation to update or revise any “forward-looking statement” or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Texas Pacific Land (TPL - Free Report) : This company, which operates as a landowner principally in the State of Texas, has seen the Zacks Consensus Estimate for its current year earnings increasing 18.4% over the last 60 days.

Li Ning Co. (LNNGY - Free Report) : This company, which operates as a designer, developer, manufacturer and distributor of sports footwear, apparel, accessories and equipment for sport and leisure uses under its own LI-NING brand in the Peoples' Republic of China, has seen the Zacks Consensus Estimate for its current year earnings increasing 14.2% over the last 60 days.

Kontoor Brands (KTB - Free Report) : This apparel company, which designs, manufactures and distributes products, has seen the Zacks Consensus Estimate for its current year earnings increasing 15.6% over the last 60 days.

Red River Bancshares (RRBI - Free Report) : This bank holding company, which provides banking products and services to commercial and retail customers, has seen the Zacks Consensus Estimate for its current year earnings increasing 5.2% over the last 60 days.

John Wiley & Sons (WLY - Free Report) : This company, which is a global provider of knowledge and knowledge-enabled services that improve outcomes in areas of research, professional practice and education, has seen the Zacks Consensus Estimate for its current year earnings increasing 5% over the last 60 days.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Check out this week’s current list of Best Stocks to Buy Now.

Posted by Defense World Staff on Apr 24th, 2026

Evergreen Capital Management LLC lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 193.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,032 shares of the financial services provider’s stock after acquiring an additional 2,659 shares during the quarter. Evergreen Capital Management LLC’s holdings in Texas Pacific Land were worth $1,158,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TPL. MassMutual Private Wealth & Trust FSB grew its stake in shares of Texas Pacific Land by 363.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 69 shares during the period. Quarry LP bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at approximately $29,000. CX Institutional bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at approximately $30,000. Eagle Bay Advisors LLC bought a new position in shares of Texas Pacific Land during the 4th quarter valued at approximately $31,000. Finally, Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at approximately $33,000. 59.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth A number of brokerages recently issued reports on TPL. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Zacks Research upgraded Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a research note on Friday, March 27th. Finally, KeyCorp upped their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Texas Pacific Land currently has an average rating of “Moderate Buy” and an average price target of $639.00.

Get Our Latest Research Report on Texas Pacific Land

Insider Activity at Texas Pacific Land In other news, Director Donna E. Epps acquired 895 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The shares were acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director directly owned 2,921 shares of the company’s stock, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land Price Performance TPL stock opened at $439.87 on Friday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a market capitalization of $30.32 billion, a price-to-earnings ratio of 63.05 and a beta of 0.76. The business has a 50 day simple moving average of $482.07 and a two-hundred day simple moving average of $373.36.

Texas Pacific Land (NYSE:TPL – Get Free Report) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The business had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Sell-side analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, March 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s dividend payout ratio is currently 34.38%.

About Texas Pacific Land (Free Report)

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.

Recommended Stories Five stocks we like better than Texas Pacific Land Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL – Free Report).

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Posted by Defense World Staff on Apr 27th, 2026

Hoku (OTCMKTS:HOKUQ – Get Free Report) and Texas Pacific Land (NYSE:TPL – Get Free Report) are both energy companies, but which is the better stock? We will contrast the two businesses based on the strength of their analyst recommendations, valuation, dividends, risk, profitability, earnings and institutional ownership.

Analyst Recommendations This is a breakdown of current ratings and recommmendations for Hoku and Texas Pacific Land, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Hoku 0 0 0 0 0.00 Texas Pacific Land 1 1 1 1 2.50 Texas Pacific Land has a consensus price target of $639.00, indicating a potential upside of 45.63%. Given Texas Pacific Land’s stronger consensus rating and higher probable upside, analysts plainly believe Texas Pacific Land is more favorable than Hoku.

Profitability This table compares Hoku and Texas Pacific Land’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Hoku N/A N/A N/A Texas Pacific Land 60.31% 36.18% 32.60% Valuation & Earnings This table compares Hoku and Texas Pacific Land”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Hoku N/A N/A N/A N/A N/A Texas Pacific Land $798.19 million 37.90 $481.38 million $6.98 62.86 Texas Pacific Land has higher revenue and earnings than Hoku.

Insider & Institutional Ownership 59.9% of Texas Pacific Land shares are held by institutional investors. 2.2% of Hoku shares are held by company insiders. Comparatively, 6.9% of Texas Pacific Land shares are held by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock is poised for long-term growth.

Summary Texas Pacific Land beats Hoku on 10 of the 10 factors compared between the two stocks.

About Hoku (Get Free Report)

Hoku Corporation operates as a solar energy products and services company primarily in the United States. It focuses on manufacturing polysilicon, a primary material used in the manufacture of photovoltaic (PV) modules; and designing, engineering, and installing turnkey PV systems and related services in Hawaii using solar modules purchased from third-party suppliers. The company was formerly known as Hoku Scientific, Inc. and changed its name to Hoku Corporation in March 2010. Hoku Corporation was incorporated in 2001 and is headquartered in Honolulu, Hawaii. On July 2, 2013, Hoku Corporation along with its affiliates filed a voluntary petition for liquidation under Chapter 7 in the U.S. Bankruptcy Court for the District of Idaho.

About Texas Pacific Land (Get Free Report)

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas. The Land and Resource Management segment manages surface acres of land, and oil and gas royalty interest in West Texas. This segment also engages in easements, such as transporting oil, gas and related hydrocarbons, power line and utility, and subsurface wellbore easements. In addition, this segment leases its land for processing, storage, and compression facilities and roads; and is involved in sale of materials, such as caliche, sand, and other material, as well as sells land. The Water Services and Operations segment provides full-service water offerings, including water sourcing, produced-water treatment, infrastructure development, and disposal solutions to operators in the Permian Basin. This segment also holds produced water royalties. Texas Pacific Land Corporation was founded in 1888 and is headquartered in Dallas, Texas.

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Posted by Defense World Staff on Apr 29th, 2026

Certuity LLC grew its stake in shares of Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 194.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,220 shares of the financial services provider’s stock after buying an additional 2,126 shares during the period. Certuity LLC’s holdings in Texas Pacific Land were worth $925,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its position in Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after buying an additional 69 shares in the last quarter. Quarry LP purchased a new position in Texas Pacific Land during the third quarter worth $29,000. CX Institutional purchased a new position in Texas Pacific Land during the third quarter worth $30,000. Eagle Bay Advisors LLC purchased a new stake in shares of Texas Pacific Land in the fourth quarter valued at $31,000. Finally, Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land in the third quarter valued at $33,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Analyst Ratings Changes A number of brokerages have recently commented on TPL. Zacks Research raised Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Friday, March 27th. KeyCorp lifted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Finally, Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Texas Pacific Land currently has an average rating of “Moderate Buy” and a consensus price target of $639.00.

View Our Latest Stock Report on Texas Pacific Land

Insider Transactions at Texas Pacific Land In related news, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The shares were bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the purchase, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the transaction, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. This represents a 42.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.90% of the company’s stock.

Texas Pacific Land Trading Down 1.3% TPL stock opened at $431.22 on Wednesday. The stock has a 50-day moving average price of $482.40 and a two-hundred day moving average price of $376.82. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The company has a market cap of $29.73 billion, a PE ratio of 61.81 and a beta of 0.76.

Texas Pacific Land (NYSE:TPL – Get Free Report) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The firm had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Equities analysts forecast that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Increases Dividend The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a dividend of $0.60 per share. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, March 2nd. Texas Pacific Land’s payout ratio is presently 34.38%.

About Texas Pacific Land (Free Report)

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.

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Key Takeaways Texas Pacific Land reports Q1 2026 results on May 6; estimates call for $2.03 EPS on $242M revenues.Q4 beat estimates on record royalty production and surging water sales, setting up Q1 momentum.Softer oil prices, fewer Permian rigs, and line-of-sight wells down to around 19.5 could limit growth. Texas Pacific Land Corporation (TPL - Free Report) is set to release first-quarter 2026 results on May 6, after market close. The Zacks Consensus Estimate for earnings is $2.03 per share on revenues of $242 million.

Let’s delve into the factors that might have influenced the Permian Basin landowner’s results for the March quarter. But it’s worth taking a look at TPL’s previous-quarter performance first.

Highlights of Previous Quarter EarningsIn the last reported quarter, the company, which generates its revenues primarily from oil and natural gas royalties, beat the consensus mark on strong royalty production and water sales. Texas Pacific Land had reported net income per share of $1.79, topping the Zacks Consensus Estimate of $1.73. Revenues of $211.6 million also beat the Zacks Consensus Estimate by nearly 4%.

Trend in Estimate RevisionThe Zacks Consensus Estimate for the first-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 16% increase year over year. The Zacks Consensus Estimate for revenues, meanwhile, suggests a 23.5% improvement from the year-ago period.

Factors to ConsiderTexas Pacific Land entered first-quarter 2026 with clear operating strength. In fourth-quarter 2025, oil and gas royalty production hit a quarterly record, with organic royalty production up 23% year over year, even excluding the November royalty acquisition. Water sales also crossed 1 million barrels per day for the first time, rising 36%, while produced water royalty volumes increased 22%. For full-year 2025, royalty production grew 29%, produced water royalty volumes rose 25%, and free cash flow reached a record $498 million, up 8%. This favorable setup is likely to lift TPL’s first-quarter 2026 results.

But on a somewhat bearish note, a softer oil and gas backdrop could have weighed on Texas Pacific Lands’ to-be-announced first-quarter earnings. Management had previously noted that realized oil prices declined 15% year over year in 2025, partly offsetting stronger production and water volumes. The broader Permian also faced weaker activity, with horizontal rig count down about 26%, pressured by low oil and Waha natural gas prices.

TPL’s line-of-sight well inventory (number of wells the company can clearly track and expect to come online) fell to about 19.5, mainly because operators are using up previously drilled but uncompleted wells instead of drilling new ones. While these leftover wells should help keep production steady for the next year or so, the slowdown in new drilling activity could have limited growth in the near term.

What Does Our Model Say?The proven Zacks model does not conclusively predict an earnings beat for Texas Pacific Land this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Earnings ESP: TPL has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $2.03 per share each.

Zacks Rank: Texas Pacific Land currently carries a Zacks Rank #2, which increases the predictive power of ESP. However, the company’s 0.00% ESP makes surprise prediction difficult this earnings season.

Stocks to ConsiderWhile an earnings beat looks uncertain for Texas Pacific Land, here are some energy firms that you may want to consider on the basis of our model:

APA Corporation (APA - Free Report) has an Earnings ESP of +14.52% and a Zacks Rank #2. The firm is scheduled to release earnings on May 6.

APA beat the Zacks Consensus Estimate for earnings in each of the last four quarters, with the average being 48.4%. Valued at around $14.2 billion, APA has surged 158.9% in a year.

Shell plc (SHEL - Free Report) has an Earnings ESP of +3.56% and a Zacks Rank #1. The firm is scheduled to release earnings on May 7.

You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for 2026 earnings of Shell indicates 58.3% growth. Valued at around $252 billion, Shell is up 36.7% in a year.

Ovintiv Inc. (OVV - Free Report) has an Earnings ESP of +21.28% and a Zacks Rank #2. The firm is scheduled to release earnings on May 11.

The Zacks Consensus Estimate for 2026 earnings of Ovintiv indicates 32.6% growth. Valued at more than $17 billion, OVV is up 76.8% in a year.

DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company,” “TPL,” “we,” “our,” or “us”), one of the largest landowners in the State of Texas with surface and royalty ownership that provides revenue opportunities through the support of energy production, today announced its financial and operating results for the first quarter of 2026.

First Quarter 2026 Highlights

Entered into an arrangement with a developer of a power generation plant to support data center operations. In conjunction with this arrangement, we sold land for aggregate consideration of $42.5 million pursuant to a financing arrangement with the developer, resulting in immediate recognition of $20.9 million in land sale revenue and the recording of a financing receivable. Additionally, we entered into a separate agreement to supply water to the project. On May 5, 2026, TPL’s board of directors (the “Board”) appointed Peter Doyle to the Board. Mr. Doyle is a co-founder and the Co-Chief Executive Officer of Horizon Kinetics, which, through various owned subsidiaries, is TPL’s largest shareholder. Oil and gas royalty production of 37.1 thousand barrels of oil equivalent (“Boe”) per day As of March 31, 2026, TPL’s royalty acreage had an estimated 5.8 net well permits, 9.6 net drilled but uncompleted wells (“DUCs”), and 5.2 net completed but not producing wells (“CUPs”), totaling 20.7 net wells.(1) TPL had 124.4 net producing wells as of March 31, 2026, and net producing wells added during the quarter had an average lateral length of approximately 10,650 feet. Land and Resource Management segment revenues of $153.6 million Water Services and Operations segment revenues of $83.3 million Consolidated net income of $142.9 million, or $2.07 per share (diluted) Adjusted EBITDA(2) of $181.4 million Free cash flow(2) of $136.4 million Quarterly cash dividend of $0.60 per share was paid on March 16, 2026 “For the first quarter of 2026, TPL’s core business performance remained strong, and we are closing in on significant milestones in our emerging opportunities in produced water desalination and land opportunities involving data centers and power generation,” said Tyler Glover, Chief Executive Officer of the Company. “TPL generated record quarterly revenue and net income this quarter, supported by robust volumes across oil and gas royalties, water sales, and produced water royalties. With our unhedged commodity position, we will fully capture the upside from elevated commodity prices. During the quarter, we completed a land sale related to a large-scale data center and power generation project. As part of that transaction, TPL secured a water supply agreement for the gas-powered generation and an option to provide additional water to the data center facility. The urgency amongst hyperscalers, AI labs, and developers to advance projects in West Texas has noticeably increased compared to a year ago, and our ongoing commercial conversations in this area are progressing well. In addition, our 10,000 barrel per day produced water desalination R&D test facility in Orla, Texas is nearing completion and is on track to receive its first inlet barrels in the coming weeks.”

Financial Results for the First Quarter of 2026 - Sequential

The Company reported net income of $142.9 million for the first quarter of 2026 compared to net income of $123.3 million for the fourth quarter of 2025.

Total revenues for the first quarter of 2026 were $236.8 million compared to $211.6 million for the fourth quarter of 2025. The increase in total revenues was primarily due to a $21.4 million increase in oil and gas royalty revenue and a $20.9 million increase in land sale revenue, partially offset by a $13.9 million decrease in water sales compared to the fourth quarter of 2025. The Company’s average realized price was $37.06 per Boe in the first quarter of 2026 compared to $29.33 per Boe in the fourth quarter of 2025, and the Company’s share of production was 37.1 thousand Boe per day for the first quarter of 2026 compared to 37.5 thousand Boe per day for the fourth quarter of 2025. Water sales decreased due to a decrease in both water sales volumes and pricing. TPL’s revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.

Total operating expenses were $54.5 million for the first quarter of 2026 compared to $62.3 million for the fourth quarter of 2025. The decrease in operating expenses was principally related to a $7.9 million decrease in depreciation, depletion and amortization expense and a $3.2 million decrease in water service-related expenses, partially offset by a $2.2 million increase in general and administrative expenses during the first quarter of 2026 compared to the fourth quarter of 2025.

Financial Results for the First Quarter of 2026 - Year Over Year

The Company reported net income of $142.9 million for the first quarter of 2026 compared to net income of $120.7 million for the first quarter of 2025.

Total revenues for the first quarter of 2026 were $236.8 million compared to $196.0 million for the first quarter of 2025. The increase in total revenues was primarily due to a $20.9 million increase in land sales, an $8.1 million increase in water sales, a $6.9 million increase in oil and gas royalty revenue, and a $5.8 million increase in produced water royalties during the first quarter of 2026 compared to the same period of 2025. The Company’s share of production was 37.1 thousand Boe per day for the first quarter of 2026 compared to 31.1 thousand Boe per day for the same period of 2025, and the Company’s average realized price was $37.06 per Boe for the first quarter of 2026 compared to $41.58 per Boe for the same period of 2025. Produced water royalties increased due to increased produced water volumes, and water sales increased due to both increased volumes and pricing. TPL’s revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.

Total operating expenses were $54.5 million for the first quarter of 2026 compared to $45.9 million for the same period of 2025. The increase in operating expenses was principally related to an increase of $3.2 million in water service-related expenses, an increase of $2.6 million in general and administrative expenses, and a $2.1 million increase in depreciation, depletion and amortization.

Quarterly Dividend Declared

On May 5, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.60 per share, payable on June 15, 2026 to stockholders of record at the close of business on June 1, 2026.

Appointment of Director

On May 5, 2026, TPL’s Board appointed Peter Doyle to the Board. Mr. Doyle will stand for re-election at the 2026 Annual Meeting. Mr. Doyle was also appointed to serve on the strategic acquisitions committee of the Board. Mr. Doyle is a co-founder and the Co-Chief Executive Officer of Horizon Kinetics (OTCQX: HKHC).

2026 and 2027 Annual Meetings of Stockholders

The Company intends to hold its 2026 Annual Meeting of Stockholders on November 5, 2026 in Dallas, Texas. The Company also intends to hold its 2027 Annual Meeting of Stockholders on May 6, 2027. Additional details, including the deadlines for stockholder proposals, will be provided in the applicable proxy statements to be filed by the Company with the Securities and Exchange Commission (“SEC”) and in other filings the Company makes with the SEC.

Conference Call and Webcast Information

The Company will hold a conference call on Thursday, May 7, 2026 at 9:30 a.m. Central Time to discuss first quarter results. A live webcast of the conference call will be available on the Investors section of the Company’s website at www.TexasPacific.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software.

The conference call can also be accessed by dialing 1-877-407-4018 or 1-201-689-8471. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 13759098. The telephone replay will be available starting shortly after the call through May 21, 2026.

About Texas Pacific Land Corporation

Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 881,000 acres of land, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provides revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of the Company’s land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from the Company’s oil and gas royalty interests, and revenue related to saltwater disposal on the Company’s land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and temporary permits principally related to a variety of land uses including, but not limited to, midstream infrastructure projects and hydrocarbon processing facilities.

Visit TPL at www.TexasPacific.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this news release are, and certain statements made on the related conference call may be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on TPL’s beliefs, as well as assumptions made by, and information currently available to, TPL, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and the words “believe,” “anticipate,” “continue,” “intend,” “expect,” and similar expressions or the negative of such terms identify forward-looking statements. Forward-looking statements include, but are not limited to, references to strategies, plans, objectives, expectations, intentions, assumptions, future operations, and prospects; statements regarding anticipated benefits of recent acquisitions or the Permian Basin’s future drilling inventory and energy resources; and other statements that are not historical facts. You should not place undue reliance on forward-looking statements. Although TPL believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, TPL may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may differ materially from those set forth in the forward-looking statements due to a number of factors, including, but not limited to: the initiation or outcome of potential litigation; any changes in general economic and/or industry specific conditions; and the other risks discussed in TPL’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. You can access TPL’s filings with the SEC through the SEC’s website at www.sec.gov and TPL strongly encourages you to do so. These forward-looking statements are based only on information available to TPL and speak only as of the date hereof. Except as required by applicable law, TPL undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made.

Oil and Gas Activity

The table below provides financial and operational data by royalty stream:

Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Company’s share of production volumes (1):

Oil (MBbls)

1,345

1,320

1,123

Natural gas (MMcf)

5,794

6,328

5,230

NGL (MBbls)

1,028

1,078

807

Equivalents (MBoe)

3,339

3,453

2,801

Equivalents per day (MBoe/d)

37.1

37.5

31.1

Oil and gas royalty revenue (in thousands):

Oil royalties

$

90,627

$

74,998

$

76,179

Natural gas royalties

9,803

3,856

17,561

NGL royalties

17,737

17,867

17,505

Total oil and gas royalties

$

118,167

$

96,721

$

111,245

Realized prices (1):

Oil ($/Bbl)

$

70.57

$

59.48

$

71.05

Natural gas ($/Mcf)

$

1.83

$

0.66

$

3.63

NGL ($/Bbl)

$

18.65

$

17.92

$

23.46

Equivalents ($/Boe)

$

37.06

$

29.33

$

41.58

___________________________ (1) Term

Definition

Bbl

One stock tank barrel of 42 U.S. gallons liquid volume used herein in reference to crude oil, condensate or NGL.

Boe

One barrel of oil equivalent.

MBbls

One thousand barrels of crude oil, condensate or NGL.

MBoe

One thousand Boe.

MBoe/d

One thousand Boe per day.

Mcf

One thousand cubic feet of natural gas.

MMcf

One million cubic feet of natural gas.

NGL

Natural gas liquids. Hydrocarbons found in natural gas that may be extracted as liquefied petroleum gas and natural gasoline.

Water Services and Operations Activity

The table below provides financial and operational data for water sales and produced water royalties:

Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Water volumes (in MBbls) (1):

Water sales

73,747

92,072

71,264

Produced water royalties

414,450

443,578

335,656

Water volumes in barrels per day (in MBbls/d) (2):

Water sales

819

1,001

792

Produced water royalties

4,605

4,822

3,730

Water revenue (in thousands):

Water sales

$

46,863

$

60,733

$

38,813

Produced water royalties

$

33,529

$

33,513

$

27,700

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share amounts) (unaudited)

  Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Revenues:

Oil and gas royalties

$

118,167

$

96,721

$

111,245

Water sales

46,863

60,733

38,813

Produced water royalties

33,529

33,513

27,700

Easements and other surface-related income

17,315

20,612

18,225

Land sales

20,944

—

—

Total revenues

236,818

211,579

195,983

Expenses:

Salaries and related employee expenses

14,987

14,894

14,572

Water service-related expenses

14,287

17,523

11,126

General and administrative expenses

8,631

6,424

6,072

Depreciation, depletion and amortization

14,043

21,930

11,941

Ad valorem and other taxes

2,542

1,562

2,199

Total operating expenses

54,490

62,333

45,910

Operating income

182,328

149,246

150,073

Interest expense

(992

)

(690

)

—

Other income, net

2,228

3,209

4,321

Income before income taxes

183,564

151,765

154,394

Income tax expense

40,662

28,419

33,742

Net income

$

142,902

$

123,346

$

120,652

Net income per share of common stock

Basic

$

2.07

$

1.79

$

1.75

Diluted

$

2.07

$

1.79

$

1.75

Weighted average number of shares of common stock outstanding

Basic

68,959,013

68,938,230

68,942,085

Diluted

69,009,942

69,020,805

69,017,541

SEGMENT OPERATING RESULTS

(dollars in thousands) (unaudited)

  Three Months Ended

March 31,
2026

December 31,
2025

Land and
Resource
Management

Water
Services and
Operations

Consolidated

Land and
Resource
Management

Water
Services and
Operations

Consolidated

Revenues:

Oil and gas royalties

$

118,167

$

—

$

118,167

$

96,721

$

—

$

96,721

Water sales

—

46,863

46,863

—

60,733

60,733

Produced water royalties

—

33,529

33,529

—

33,513

33,513

Easements and other surface-related income

14,449

2,866

17,315

16,662

3,950

20,612

Land sales

20,944

—

20,944

—

—

—

Total revenues

153,560

83,258

236,818

113,383

98,196

211,579

Expenses:

Salaries and related employee expenses

7,558

7,429

14,987

7,457

7,437

14,894

Water service-related expenses

—

14,287

14,287

—

17,523

17,523

General and administrative expenses

5,495

3,136

8,631

3,966

2,458

6,424

Depreciation, depletion and amortization

9,194

4,849

14,043

17,276

4,654

21,930

Ad valorem and other taxes

2,530

12

2,542

1,551

11

1,562

Total operating expenses

24,777

29,713

54,490

30,250

32,083

62,333

Operating income

128,783

53,545

182,328

83,133

66,113

149,246

Interest expense

(793

)

(199

)

(992

)

(552

)

(138

)

(690

)

Other income, net

1,581

647

2,228

2,527

682

3,209

Income before income taxes

129,571

53,993

183,564

85,108

66,657

151,765

Income tax expense

28,648

12,014

40,662

15,566

12,853

28,419

Net income

$

100,923

$

41,979

$

142,902

$

69,542

$

53,804

$

123,346

SEGMENT OPERATING RESULTS (Continued)

(dollars in thousands) (unaudited)

  Three Months Ended

March 31,
2026

March 31,
2025

Land and
Resource
Management

Water
Services and
Operations

Consolidated

Land and
Resource
Management

Water
Services and
Operations

Consolidated

Revenues:

Oil and gas royalties

$

118,167

$

—

$

118,167

$

111,245

$

—

$

111,245

Water sales

—

46,863

46,863

—

38,813

38,813

Produced water royalties

—

33,529

33,529

—

27,700

27,700

Easements and other surface-related income

14,449

2,866

17,315

15,336

2,889

18,225

Land sales

20,944

—

20,944

—

—

—

Total revenues

153,560

83,258

236,818

126,581

69,402

195,983

Expenses:

Salaries and related employee expenses

7,558

7,429

14,987

7,404

7,168

14,572

Water service-related expenses

—

14,287

14,287

—

11,126

11,126

General and administrative expenses

5,495

3,136

8,631

3,313

2,759

6,072

Depreciation, depletion and amortization

9,194

4,849

14,043

7,689

4,252

11,941

Ad valorem and other taxes

2,530

12

2,542

2,189

10

2,199

Total operating expenses

24,777

29,713

54,490

20,595

25,315

45,910

Operating income

128,783

53,545

182,328

105,986

44,087

150,073

Interest expense

(793

)

(199

)

(992

)

—

—

—

Other income, net

1,581

647

2,228

3,416

905

4,321

Income before income taxes

129,571

53,993

183,564

109,402

44,992

154,394

Income tax expense

28,648

12,014

40,662

23,858

9,884

33,742

Net income

$

100,923

$

41,979

$

142,902

$

85,544

$

35,108

$

120,652

NON-GAAP PERFORMANCE MEASURES AND DEFINITIONS

In addition to amounts presented in accordance with GAAP, we also present certain supplemental non-GAAP performance measurements. These measurements are not to be considered more relevant or accurate than the measurements presented in accordance with GAAP. In compliance with the requirements of the SEC, our non-GAAP measurements are reconciled to net income, the most directly comparable GAAP performance measure. For all non-GAAP measurements, neither the SEC nor any other regulatory body has passed judgment on these non-GAAP measurements.

EBITDA, Adjusted EBITDA, and Free Cash Flow

EBITDA is a non-GAAP financial measurement of earnings before interest expense, taxes, depreciation, depletion and amortization. The purpose of presenting EBITDA is to highlight earnings without finance, taxes, and depreciation, depletion and amortization expense, and its use is limited to specialized analysis.

The purpose of presenting Adjusted EBITDA is to highlight earnings without non-cash activity such as share-based compensation and other non-recurring or unusual items, if applicable. Additionally, Adjusted EBITDA is a metric used by the compensation committee of our Board to evaluate the Company’s performance in determining the short-term and long-term incentive compensation of our executive officers on an annual basis. We calculate Adjusted EBITDA as EBITDA plus employee share-based compensation, less land sale with financing arrangement and pension curtailment and settlement gain, as applicable to the periods presented.

The purpose of presenting free cash flow is to provide investors a metric to measure the funds available for investing in future acquisitions and returning capital to our stockholders through dividends and share repurchases after current income tax expense and purchases of fixed assets. Additionally, free cash flow is a metric used by the compensation committee of our Board to evaluate the Company’s performance in determining the short-term and long-term incentive compensation of our executive officers. To calculate free cash flow, net income is adjusted by adding back income tax expense, depreciation, depletion and amortization and employee share-based compensation, less the cash outflows of current income tax expenses, land sale with financing arrangement, purchases of fixed assets and pension curtailment and settlement gain, as applicable to the periods presented.

We have presented EBITDA, Adjusted EBITDA, and free cash flow because we believe that these metrics are useful supplements to net income in analyzing the Company’s operating performance, ability to fund future acquisitions, ability to return capital to our stockholders and explaining how our executive officers are compensated. Our definitions of EBITDA, Adjusted EBITDA, and free cash flow may differ from computations of similarly titled measures of other companies.

The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025 (in thousands):

Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Net income

$

142,902

$

123,346

$

120,652

Add:

Interest expense

992

690

—

Income tax expense

40,662

28,419

33,742

Depreciation, depletion and amortization

14,043

21,930

11,941

EBITDA

198,599

174,385

166,335

Add (deduct):

Employee share-based compensation

3,742

3,756

3,083

Land sale with financing arrangement

(20,944

)

—

—

Adjusted EBITDA

$

181,397

$

178,141

$

169,418

The following table presents a reconciliation of net income to free cash flow for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025 (in thousands):

Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Net income

$

142,902

$

123,346

$

120,652

Add (deduct):

Income tax expense

40,662

28,419

33,742

Depreciation, depletion and amortization

14,043

21,930

11,941

Employee share-based compensation

3,742

3,756

3,083

Current income tax expense

(37,078

)

(26,968

)

(32,954

)

Land sale with financing arrangement

(20,944

)

—

—

Purchases of fixed assets

(7,348

)

(28,653

)

(8,966

)

Decrease (increase) in accounts payable related to purchases of fixed assets

430

(2,973

)

(942

)

Free cash flow

$

136,409

$

118,857

$

126,556

Texas Pacific Land Corporation (TPL) Q1 2026 Earnings Call Transcript

Texas Pacific Land Corporation (TPL) remains a Strong Buy despite a 23% price drop since my last rating, driven by its evolving business model. TPL's water handling and real estate empire, especially its monopoly position in water sales to data centers, underpins high-margin, recurring revenue streams. The near-complete 10,000-barrel-per-day desalination facility offers proof of concept for scaling toxic-to-clean water conversion, with significant earnings potential.