Texas Pacific Land shares surge 5.65% after-hours following KeyBanc's Overweight rating and $1,050 price target.

Texas Pacific Land (TPL) surged 5.65% in after-hours trading, driven by Horizon Kinetics' purchase of 1 share at $869.18, signaling confidence in the stock despite recent price weakness. This transaction, coupled with KeyBanc’s initiation of coverage with an Overweight rating and a $1,050 price target, highlighted positive sentiment. The firm’s strong gross profit margins (94.13%) and a 0.74% dividend yield further supported optimism. While Q3 earnings missed estimates, the announced three-for-one stock split (effective Dec. 22) and institutional buying activity reinforced investor confidence. The after-hours rally reflects.