10 thoughts on “HK Buying Again”

  2. I agree that these particular filings don’t account for their total ownership. You see different claims floating around various chat boards, any of such ranging from 20% to 25%. However, I believe their total ownership is closer to 30% of TSO.

    Please correct me if I’m wrong.

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      • Yea, I agree that their Horizon Kinetics Asset Management SEC filings indicate that. However, HKAM is multi-faceted and I’m not 100% on how they account for their SMAs, all their Mutual Funds & MF advisees, and so on, not to mention their personal holdings. You can glean some of this complexity from their latest Form ADV Brochure.

        If you check out Yahoo Finance, which I know is both dated news and a secondary source, then you’ll see that their Paradigm & Small Cap Portfolios account for ~ 6.5% TPL TSO. And then there are other smaller stakes in other portfolios. Simply summing these together, you get closer to 30% TSO.

        I dunno — am I double counting here?

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        • Not really sure, but I would think what they are reporting to the SEC combines all of their holdings, direct and indirect. Especially when they had the proxy fight, if their total ownership was greater, I’m sure they would have used that leverage to the max.

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  3. From Energy Transfer earnings release:

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    ~8% of oil volumes from the Permian’s Midland Basin that feed Energy Transfer’s pipeline network had been shut at the start of the month, but “as of today, we’ve seen about 25% of that turned back on,” chief commercial officer Mackie McCrea said on the call.
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    Are things starting to turn around so soon in the Permian? This would reconfirm that the Permian Basin is the lowest cost to produce in the country. I would expect production cuts to continue in other parts of the country (and Canada), but the Permian to remain somewhat steady in today’s price environment. As one example, I’ve read that Continental and another producer have completely shut off Bakken production. Production will also start to pick up in the Permian first when things start to normalize.

    The long term positive picture of TPL remains intact.

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  6. Their recent purchases through the 14th amount to 1,763 shares. Assuming 22-23% of TSO, it amounts to only about 1/10th of 1% of their position (I wouldn’t expect their overall exposure to change drastically anyhow given their relative sizing). Accounting for respective purchase prices, this is just north of $900k. Perhaps they’re bringing online a new SMA, dunno.

    Useful information, probably not. Interesting information though, probably yes.

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