TPL is a long term holding. Over 900,000 acre's of business friendly Texas land. Few employee's and good conservative management. They buy back their share's every year, is why they have a low dividend. Zero long term debt on a land corporation...TPL is the only corporation that anyone can buy Texas land for just a little money, and not worry about debt. I live in New York, but my heart is in Texas.
It is also the only company that cannot dilute you through stock options, and is trying to retire all of its stock. They buy back almost 5% of the stock every year, and own at least a billion dollars worth of land and oil royalties, if you value the land at 1000 per acre - but what is it really worth?
I hear a farmer can make $200 an acre for hay, so it should be worth at least 1500 to 2000 per acre of the usable land - over the aquifer.
I've never seen any land advertised for less that 250 per acre, and that is undeveloped semi desert land around El Paso. Good land is usually 500 per acre for ranching. Farm land is worth about 1000-2000 per acre. Ideal tracts near cities can go for 3-4 thousand per acre.
I wish the company would get appraisals, but perhaps that is expensive and would cause land taxes to increase. As long as oil and gas remains on the lands, the royalty participation will keep paying off nicely. With only 9 employees, not alot of overhead here.
The reason being that I mentioned that I am sorry is because I mentioned on another webb sight that the only stock's that I own is RGLD, SLW, and TPL. All three have the same theme. TPL, which I will never sell, vs the other two I may.