Texas Pacific Land Corporation's stock surged 5.65% during intraday trading on Thursday, as investor sentiment was buoyed by news of a significant shareholder increasing its stake in the company.
The price movement followed a regulatory filing revealing that Horizon Kinetics Asset Management LLC, already a 10% beneficial owner of Texas Pacific Land, reported acquiring additional common shares of the company. Such acquisitions by major shareholders are often interpreted as a strong vote of confidence in the company's future prospects, potentially driving increased buying interest from other market participants.
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