We break down the stocks Peter Doyle and Murray Stahl (Horizon Kinetics) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Horizon Kinetics' 13F filed on August 14, 2024.
Who are Peter Doyle and Murray Stahl and Horizon Kinetics?
Horizon Kinetics is an independent investment firm founded in 1994 by Murray Stahl and Peter Doyle. The firm pursues a research-driven, long-term contrarian value investing strategy with particular emphasis on owner-operator businesses. Stahl and Doyle's approach centers on identifying overlooked or misunderstood companies with enduring competitive advantages and management teams with significant skin in the game, often holding positions for many years as their investment theses develop.
Horizonkinetics.com
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Portfolio Changes in Q2 2024
New positions
Horizon Kinetics established several new positions in Q2 2024, with the largest being a $108.9 million stake in Landbridge (LB). Other notable new holdings include White Mountains (WTM) at $2.48 million, CRA International (CRAI) at $1.97 million, Telefonica (TEF) at $1.31 million, and Chesapeake Energy (CHK) at $1.22 million. The firm also initiated smaller positions in Booz Allen Hamilton (BAH), Fidelity Bitcoin (FBTC), GE Vernova (GEV), NextEra Energy (NEE), and Evolv (EVLV).
Bought
Horizon Kinetics increased its holdings across several existing positions, with notable additions to energy and mining companies. The firm added shares to Viper Energy (VNOM), Osisko Gold Royalties (OR), Permian Basin (PBT), Sitio Royalties (STR), and Wheaton Precious Metals (WPM). Other meaningful increases included positions in Cameco (CCJ) and Archer Daniels Midland (ADM), while also notably increasing its hedge position in UltraPro Short QQQ (SQQQ).
Sold
Horizon Kinetics completely liquidated positions in Core Laboratories (CLB) worth $1.87 million, Union Pacific (UNP), Vail Resorts (MTN), Verizon (VZ), and Dominion Energy (D). The firm also trimmed several existing holdings, most notably reducing stakes in cryptocurrency-related investments Grayscale Bitcoin Cash (BCHG) and Grayscale Litecoin (LTCN), while also paring back positions in Sandstorm Gold (SAND), Brookfield Asset Management (BAM), Texas Pacific Land (TPL), CME Group (CME), and both classes of Liberty Media (FWONK) and Liberty Media (FWONA).
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| LB | Landbridge | 92.8% | NEW | $108.94M |
| WTM | White Mountains | 2.1% | NEW | $2.48M |
| CRAI | CRA International | 1.7% | NEW | $1.97M |
| TEF | Telefonica | 1.1% | NEW | $1.31M |
| CHK | Chesapeake Energy | 1.0% | NEW | $1.22M |
| BAH | Booz Allen Hamilton | 0.5% | NEW | $618.06K |
| FBTC | Fidelity Bitcoin | 0.3% | NEW | $299.28K |
| GEV | GE Vernova | 0.2% | NEW | $286.42K |
| NEE | NextEra Energy | 0.2% | NEW | $202.52K |
| EVLV | Evolv | 0.0% | NEW | $38.25K |
Landbridge LB
Peter Doyle and Murray Stahl bought $108.94M of Landbridge in Q2 2024. LandBridge Co LLC demonstrated explosive growth in Q1 2025 with 131% YoY revenue increase to $44 million, driven by strategic acquisitions and diversification into non-oil & gas revenue streams now representing 92% of total income. The company maintains industry-leading 88% EBITDA margins while expanding Permian Basin infrastructure, though shares dipped 5.26% post-earnings despite a 237% annual return. Recent $1.2B Wolfbone Ranch acquisition positions LandBridge as a critical midstream partner through enhanced water handling capacity and surface rights management.
- Q1 revenue surged 20% sequentially to $44M with 72% increase in royalty volumes to 1.4MMBPD.
- Declared $0.10/share dividend (1.3% yield) payable June 19, reflecting strong cash generation.
- Stock trades at 77.99 (-5.26% post-earnings) despite 237.88% 1-year return per InvestingPro data.
White Mountains WTM
Peter Doyle and Murray Stahl bought $2.48M of White Mountains in Q2 2024. White Mountains Insurance Group reported a slight increase in book value per share to $1,752 in Q1 2025, though comprehensive income fell to $35 million from $236 million YoY due to MediaAlpha's 18% stock decline. Strong performance in core segments like Ark (27% premium growth) and Bamboo (managed premiums doubled) offset some challenges. Recent capital deployments into BroadStreet Partners and Enterprise Solutions left $550 million in undeployed capital for strategic flexibility.
- Q1 comprehensive income plunged 85% YoY to $35M due to $37M MediaAlpha mark-to-market loss.
- Ark Insurance achieved 27% YoY premium growth to $1.1B with a 94% combined ratio.
- Undeployed capital stands at $550 million after new acquisitions in specialty insurance platforms.
CRA International CRAI
Peter Doyle and Murray Stahl bought $1.97M of CRA International in Q2 2024. CRA International (CRAI) delivered strong performance in Q1 2025 with record quarterly revenue of $181.9 million (5.9% YoY growth) and EPS of $2.22 that beat expectations by 13.8%. The company demonstrated improved operational efficiency with consultant utilization rising to 76% despite a 5% headcount reduction, while reaffirming its full-year revenue guidance of $715-725 million. Shares gained 1.41% post-announcement as analysts noted the earnings beat and improved margins.
- EPS grew 13.8% above estimates ($2.22 vs. $1.95 expected).
- Revenue increased 5.9% YoY to $181.9M (Q1 2025 vs Q1 2024).
- Non-GAAP net income rose 11% with diluted EPS up 13% year-over-year.
Telefonica TEF
Peter Doyle and Murray Stahl bought $1.31M of Telefonica in Q2 2024. Telefónica (TEF) reported mixed Q1 2025 results with 1.3% organic revenue growth and 0.6% EBITDA growth, though FX headwinds drove 9.1% reported revenue decline. Net income fell 22% YoY to €362M, but the company maintains 2025 guidance and €0.30/share dividend commitment. Recent strategic execution shows strength in core markets with 5.4% B2B revenue growth, offsetting Latin American challenges.
- EPS declined 22% YoY to €0.064 in Q1 2025 versus €0.082 in prior-year quarter.
- B2B revenue grew 5.4% organically while Germany showed solid EBITDAaL-CapEx performance.
- Offers 6.2% dividend yield at current price, though shares are down 2.3% over past week.
Chesapeake Energy CHK
Peter Doyle and Murray Stahl bought $1.22M of Chesapeake Energy in Q2 2024. Chesapeake Energy (CHK) demonstrated mixed performance over the last two quarters, with Q1 2025 showing significant improvements in adjusted financial metrics despite a net loss. The company’s adjusted net income surged 509% year-over-year to $487 million in Q1 2025, driven by operational efficiency and synergies from its pending merger. Recent inclusion in the S&P 500 and investment-grade credit ratings highlight improved market confidence.
- Adjusted EBITDAX grew 175% YoY to $1.395 billion in Q1 2025, with operating cash flow doubling to $1.096 billion.
- Q1 2025 base dividend increased to $0.575 per share, marking 17 consecutive quarters of dividends.
- Added to S&P 500 in March 2025, with Moody’s upgrading its credit rating to Baa3, reflecting strengthened financial positioning.
Booz Allen Hamilton BAH
Peter Doyle and Murray Stahl bought $618.06K of Booz Allen Hamilton in Q2 2024. Booz Allen Hamilton (BAH) reported 10.8% revenue growth in Q1 FY2025, driven by 10.6% organic growth and strategic acquisitions like PAR Government Systems. While net income grew modestly (2.4%), adjusted EBITDA guidance of $1.26-1.3B reflects confidence in continued defense sector demand. The company maintains record-high quarterly backlog and beat Q1 EPS estimates by $0.02, though revenue slightly missed analyst projections.
- Q1 FY2025 EPS of $1.61 beat estimates by 1.2%, despite revenue coming in $89M below expectations.
- 8.4% growth in Revenue, Excluding Billable Expenses demonstrates improved operational efficiency.
- Strategic acquisition of PAR Government Systems (June 2024) enhances cyber and space capabilities in defense markets.
Fidelity Bitcoin FBTC
Peter Doyle and Murray Stahl bought $299.28K of Fidelity Bitcoin in Q2 2024. Fidelity Wise Origin Bitcoin Fund (FBTC) faced significant volatility in Q1 2025, declining sharply due to Bitcoin's market turbulence, but has shown partial recovery in Q2 2025 amid renewed institutional interest. The fund’s performance remains tightly correlated to Bitcoin’s price swings, with recent technical indicators suggesting cautious optimism. A key catalyst for potential growth is FBTC’s eligibility in Fidelity’s workplace retirement brokerage windows, broadening access to institutional investors.
- FBTC’s price closed at $94.98 on May 23, 2025, hovering near Fibonacci resistance at $95.84 (0.91% above current price).
- Q1 2025 saw major losses linked to Bitcoin’s ~19% quarterly decline, as reflected in FBTC’s Accumulated Volume Support level of $76.87.
- Technical analysis upgraded FBTC to a Buy candidate in May 2025, citing bullish momentum above key support levels.
GE Vernova GEV
Peter Doyle and Murray Stahl bought $286.42K of GE Vernova in Q2 2024. GE Vernova demonstrated strong performance in Q1 2025 with 8% organic order growth and 15% organic revenue growth, driven by Power equipment (+43%) and services. Margins expanded significantly, with net income up $0.4B YoY and adjusted EBITDA growing nearly 70%. The company reaffirmed its 2025 guidance of $36-37B revenue and $2.0-2.5B free cash flow, while returning $1.3B capital to shareholders.
- Q1 orders surged to $10.2B (+8% organic), with Power equipment orders up 43% and services up 16%.
- Free cash flow improved by $1.6B YoY to $1.0B, marking the first positive Q1 cash flow in company history.
- Adjusted EBITDA margin expanded 170bps to 5.7%, driven by pricing power and productivity gains across all segments.
NextEra Energy NEE
Peter Doyle and Murray Stahl bought $202.52K of NextEra Energy in Q2 2024. NextEra Energy reported mixed Q1 2025 results with adjusted EPS growing 9% YoY to $0.99, beating estimates, while GAAP earnings fell sharply due to one-time charges. The company continues to lead in renewable energy deployment, adding 894 MW of solar capacity this quarter. Recent performance shows accelerating momentum in core utilities and energy infrastructure segments.
- Adjusted EPS of $0.99 beat analyst estimates by 2.1% ($0.97 expected).
- $6.25B quarterly revenue supported by 28 GW renewable energy backlog.
- 10% annual dividend growth target maintained through 2026.
Evolv EVLV
Peter Doyle and Murray Stahl bought $38.25K of Evolv in Q2 2024. Evolv Technologies (EVLV) delivered strong Q1 2025 results with 44% year-over-year revenue growth to $32 million, beating expectations. The company reduced its net loss by 85% to $1.7 million and achieved positive Adjusted EBITDA of $1.7 million, while its stock surged 6.32% post-announcement. Strategic initiatives like AI weapon detection systems and new screening solutions position it for leadership in the emerging security technology market.
- Q1 revenue grew 44% YoY to $32M, surpassing estimates by 13.7%.
- EPS improved 85.7% (-$0.01 vs -$0.07 in Q1 2024) with net loss narrowing from $11.3M to $1.7M.
- Annual Recurring Revenue grew 34% to $106M, supported by 6,600+ active subscriptions.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TPL | Texas Pacific Land | 65.1% | Trimmed (-2%) | $2.71B |
| GBTC | Grayscale Bitcoin | 19.1% | Trimmed (-0%) | $794.2M |
| WPM | Wheaton Precious Metals | 3.5% | Added (+3%) | $144.76M |
| LB | Landbridge | 2.6% | NEW | $108.94M |
| VNOM | Viper Energy | 1.2% | Added (+14%) | $49.55M |
| BN | Brookfield | 1.1% | Trimmed (-6%) | $47.81M |
| PBT | Permian Basin | 1.0% | Added (+4%) | $41.47M |
| ADM | Archer Daniels Midland | 1.0% | Added (+9%) | $40.77M |
| CME | CME Group | 0.7% | Trimmed (-29%) | $27.64M |
| CCJ | Cameco | 0.6% | Added (+12%) | $25.55M |
| OR | Osisko Gold Royalties | 0.5% | Added (+12%) | $21.73M |
| SAND | Sandstorm Gold | 0.5% | Trimmed (-10%) | $21.68M |
| STR | Sitio Royalties | 0.4% | Added (+14%) | $18.3M |
| WEN | Wendy's | 0.4% | Trimmed (-6%) | $16.99M |
| BAM | Brookfield Asset Management | 0.2% | Trimmed (-27%) | $10.28M |
| BCHG | Grayscale Bitcoin Cash | 0.2% | Trimmed (-31%) | $9.82M |
| BKKT | Bakkt | 0.2% | $8.5M | |
| FWONK | Liberty Media | 0.2% | Trimmed (-46%) | $7.43M |
| FWONA | Liberty Media | 0.2% | Trimmed (-29%) | $6.34M |
| LTCN | Grayscale Litecoin | 0.1% | Trimmed (-36%) | $6.25M |
| TPH | Tri Pointe Homes | 0.1% | $5.21M | |
| SJT | San Juan Basin Royalty Trust | 0.1% | Added (+22%) | $4.26M |
| FitLife Brands | 0.1% | $2.57M | ||
| WTM | White Mountains | 0.1% | NEW | $2.48M |
| NVO | Novo Nordisk | 0.1% | $2.21M | |
| FNF | Fidelity National Financial | 0.1% | $2.12M | |
| KMI | Kinder Morgan | 0.0% | $1.98M | |
| CRAI | CRA International | 0.0% | NEW | $1.97M |
| VRSK | Verisk | 0.0% | $1.89M | |
| FIS | Fidelity National Information | 0.0% | $1.83M | |
| MHD | BlackRock MuniHoldings Fund | 0.0% | $1.69M | |
| HON | Honeywell International | 0.0% | $1.31M | |
| TEF | Telefonica | 0.0% | NEW | $1.31M |
| REZI | Resideo Technologies | 0.0% | $1.29M | |
| RTX | RTX | 0.0% | $1.26M | |
| MUI | Municipal Income | 0.0% | $1.26M | |
| NVS | Novartis | 0.0% | $1.26M | |
| ROK | Rockwell Automation | 0.0% | $1.24M | |
| CHK | Chesapeake Energy | 0.0% | NEW | $1.22M |
| QCOM | Qualcomm | 0.0% | $1.15M | |
| V | Visa | 0.0% | $1.14M | |
| ABT | Abbott | 0.0% | $1.05M | |
| GSK | GSK | 0.0% | $968.85K | |
| GDLC | Grayscale Digital Large Cap | 0.0% | $922.87K | |
| BAH | Booz Allen Hamilton | 0.0% | NEW | $618.06K |
| SQQQ | UltraPro Short QQQ | 0.0% | Added (+159%) | $512.51K |
| FBTC | Fidelity Bitcoin | 0.0% | NEW | $299.28K |
| GEV | GE Vernova | 0.0% | NEW | $286.42K |
| NEE | NextEra Energy | 0.0% | NEW | $202.52K |
| EVLV | Evolv | 0.0% | NEW | $38.25K |
| CLB | Core Laboratories | 0.0% | Exited | $0 |
| UNP | Union Pacific | 0.0% | Exited | $0 |
| MTN | Vail Resorts | 0.0% | Exited | $0 |
| VZ | Verizon | 0.0% | Exited | $0 |
| D | Dominion Energy | 0.0% | Exited | $0 |
| VVR | Senior Income Trust | 0.0% | Exited | $0 |
| NCNA | NuCana | 0.0% | Exited | $0 |
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