The CFO sale is routine in size and pattern — no bearish signal. The 1-share purchases by the largest holder are non-informative. No actionable trade signal from this cluster. Monitor for any material insider accumulation (multiple C-suite open-market buys exceeding 0.5% of market cap) that would signal conviction.
Price Chart
Executive Summary
A mixed insider cluster at Texas Pacific Land Corp shows CFO Chris Steddum selling $292K worth of shares at ~$400, while 10% owner Horizon Kinetics made four symbolic $385 purchases. The CFO sale is modest at ~0.001% of TPL's $26.1B market cap, and the Horizon Kinetics buys at 1 share each are non-material. The cluster is dominated by a routine CFO disposition with no open-market buying of substance. The cross-filing actuaries identify broad AMPLIFIER patterns, but none apply meaningfully here given the trivial dollar amounts.
Key Financial Metrics
Key Facts
- CFO Chris Steddum sold 730 shares in a single transaction valued at $292K on 2026-06-08 (open market sale, code S)
- 10% owner Horizon Kinetics purchased an aggregate of 4 shares across 4 separate days (June 9-12, 2026) for roughly $385 each — each transaction is 1 share, entirely symbolic
- Total cluster dollar value from the CFO sale is $292K; the four Horizon Kinetics buys total ~$1,522; net cluster direction is mixed but economically trivial
- CFO sale represents ~0.001% of TPL's $26.1B market cap — well below all materiality thresholds
- Horizon Kinetics is TPL's largest institutional holder ($4.8B in the 13F) — the 1-share buys are likely automated routine purchases with no informational content
Financial Impact
Total cluster value of ~$293.5K represents approximately 0.001% of TPL's $26.1B market cap — immaterial
Risk Factors
- CFO selling on single day could be 10b5-1 planned diversification; no pattern of cluster selling to suggest shared bearish view
- Symbolic buys from top holder create a misleading 'buy' signal — total $1.5K across 4 days is noise
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-TPL-1781534965245 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | DEFA14A | $338.26 | awaiting T+60 | — | $330.40 (−2.32%) |
Oct 16, 2026 10d ago | Institutional Cluster | $344.61 | awaiting T+60 | — | $330.40 (−4.12%) |
Oct 8, 2026 18d ago | DEFA14A | $360.98 | awaiting T+60 | — | $330.40 (−8.47%) |
Sep 25, 2026 4w ago | 8-K | $338.15 | awaiting T+60 | — | $330.40 (−2.29%) |
Sep 25, 2026 4w ago | DEFA14A | $338.15 | awaiting T+60 | — | $330.40 (−2.29%) |
Sep 25, 2026 4w ago | DEFA14A | $338.15 | awaiting T+60 | — | $330.40 (−2.29%) |
Sep 25, 2026 4w ago | DEF 14A | $338.15 | awaiting T+60 | — | $330.40 (−2.29%) |
Sep 17, 2026 5w ago | 144 | $347.20 | awaiting T+60 | — | $330.40 (−4.84%) |
Jun 23, 2026 17w ago | 8-K | $377.56 $347.20 | ▼ −8.04% | ▼ −10.88% | $330.40 (−12.49%) |
Jun 18, 2026 18w ago | Insider Cluster | $355.11 $365.27 | ▲ +2.86% | ▲ +0.97% | $330.40 (−6.96%) |
US Market Status
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