5 Stocks to Buy According to Bulldog Investors

3. Texas Pacific Land Corporation (NYSE:TPL)

Bulldog Investors’ Stake Value: $6,547,000
Percentage of Bulldog Investors’ 13F Portfolio: 1.8%
Number of Hedge Fund Holders: 22

Texas Pacific Land Corporation (NYSE:TPL) was established in 1888 and is based in Dallas, Texas. The company specializes land and resource management, water services, and relevant operations. The corporation’s property and resource management section handles roughly 880,000 acres of land. Texas Pacific Land Corporation (NYSE:TPL) currently has a $13.693 billion market capitalization and delivered a 36.35% return in the past 12 months as of September 17.

Bulldog Investors bought 2,100 shares of Texas Pacific Land Corporation (NYSE:TPL) in the first quarter of 2021. At the end of the second quarter of 2022, the hedge fund held 4,400 shares of Texas Pacific Land Corporation (NYSE:TPL), worth about $6.55 million.

At the end of the second quarter, 22 hedge funds owned stakes in Texas Pacific Land Corporation (NYSE:TPL), with a combined value of $2.34 billion. This is in contrast to 19 hedge funds a quarter ago. Insider Monkey’s Q2 database suggests that Murray Stahl’s Horizon Asset Management is the biggest stakeholder of Texas Pacific Land Corporation (NYSE:TPL), with 1.51 million shares worth more than $2.24 billion.

Ave Maria mentioned Texas Pacific Land Corporation (NYSE:TPL) in its second-quarter 2022 investor letter. Here is what the firm said:

“Texas Pacific Land Corporation (NYSE:TPL) is one of the largest landowners in Texas. The company’s internal operations are performing well with WTI oil prices around $100 per barrel. Furthermore, high oil prices may encourage more drilling which bodes well for TPL’s oil royalties, land easements and its frac water business. Recently, TPL entered a joint venture with a bitcoin miner to place bitcoin mining hardware on TPL’s land and use excess natural gas as a low-cost energy source for the operation. While we are skeptical about the future of bitcoin, we view this venture as TPL gaining a free option on the value of bitcoin.”