First Dallas Securities Inc.

Name: First Dallas Securities Inc. 13F holdings, Q1 2025
Creator: First Dallas Securities Inc.
Published: 2025-05-16

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 16, 2025), First Dallas Securities Inc. reported 112 stock positions worth $239.3 million. Its top holding was Texas Pacific Land (TPL) at 13.9% of the portfolio, followed by Nvidia (NVDA, 9.5%) and Apple (AAPL, 6.7%). Compared with Q4 2024, it opened 10 new positions, sold out of 10, added to 39 and reduced 43. The biggest buy was a new position in Kirby (KEX) and the biggest sale an exit from Generac (GNRC).

Most Recent 13F: Q2 2026
Location: DALLAS, TX
CIK: 0001378559
Portfolio Value: $239.3M (Q1 2025)
SEC Filing: 0001378559-25-000001 ↗ filed May 16, 2025

Holdings Value

Holdings 112 stocks · $239.3M


TPL Texas Pacific Land Corp.	13.91%	25,117	$33.3M	Reduce -1.3%
NVDA Nvidia Corp.	9.50%	209,862	$22.7M	Add +0.3%
AAPL Apple Inc.	6.67%	71,822	$16.0M	Add +0.6%
OKE Oneok Inc.	3.03%	73,046	$7.2M	Add +15.2%
AMZN Amazon.com Inc.	2.87%	36,058	$6.9M	Add +2.7%
MSFT Microsoft Corp.	2.70%	17,203	$6.5M	Reduce -15.7%
UBER Uber Technologies Inc.	2.63%	86,397	$6.3M	Add +8.4%
XOM Exxon Mobil Corp.	2.52%	50,618	$6.0M	Reduce -11.0%
META Meta Platforms Inc. Class A	2.15%	8,934	$5.1M	Add +17.7%
FCX Freeport-McMoran Inc.	1.80%	113,541	$4.3M	Add +0.6%
WYNN WYNN Resorts Ltd.	1.75%	50,021	$4.2M	Reduce -5.9%
ABBV Abbvie Inc.	1.54%	17,553	$3.7M	Reduce -3.9%
LLY Eli Lilly & Co.	1.53%	4,438	$3.7M	Add +10.6%
HD Home Depot Inc.	1.49%	9,761	$3.6M	Reduce -0.5%
JPM JPMorgan Chase & Co.	1.48%	14,396	$3.5M	Add +0.9%
EXP Eagle Materials Inc.	1.43%	15,451	$3.4M	Add +1.6%
ET Energy Transfer LP	1.41%	181,899	$3.4M	Add +1.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	1.38%	13,277	$3.3M	Reduce -21.4%
CAT Caterpillar Inc.	1.36%	9,854	$3.3M	Reduce -0.1%
ETD Ethan Allen Interiors Inc.	1.32%	113,887	$3.2M	Reduce -6.1%
DKNG Draftkings Inc. Class A	1.29%	93,061	$3.1M	Add +21.1%
KEX Kirby Corp.	1.24%	29,285	$3.0M	New
EXE Expand Energy Corp.	1.23%	26,406	$2.9M	Reduce -0.5%
VST Vistra Corp.	1.20%	24,488	$2.9M	Reduce -3.4%
BA The Boeing Co.	1.12%	15,676	$2.7M	Add +1.4%
WMT Walmart Inc.	1.09%	29,597	$2.6M	Add +0.2%
T AT&T Inc.	1.08%	91,684	$2.6M	Add +2.3%
COST Costco Wholesale Corp.	1.07%	2,703	$2.6M	Reduce -1.8%
DVN Devon Energy Corp.	0.88%	56,067	$2.1M	Add +6.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.86%	49,084	$2.0M	Reduce -1.2%
TSM Taiwan Semiconductor-SP ADR	0.85%	12,206	$2.0M	Add +26.4%
CLF Cleveland-Cliffs Inc.	0.84%	245,240	$2.0M	Add +21.7%
SN Sharkninja Inc.	0.83%	23,905	$2.0M	Add +2.7%
AMGN Amgen Inc.	0.82%	6,308	$2.0M	Reduce -13.1%
MRK Merck & Co. Inc.	0.78%	20,664	$1.9M	Reduce -3.1%
JNJ Johnson & Johnson	0.77%	11,179	$1.9M	Reduce -7.1%
XEL Xcel Energy Inc.	0.77%	25,974	$1.8M	Reduce -0.4%
CSWC Capital Southwest Corp.	0.67%	71,925	$1.6M	Add +7.2%
GOOGL Alphabet Inc. Class A	0.63%	9,695	$1.5M	Add +97.9%
GOOG Alphabet Inc. Class C	0.62%	7,440	$1.5M	Add +38.7%
SCHW Schwab (charles) Corp.	0.60%	18,417	$1.4M	Reduce -2.1%
HR Healthcare Realty Trust Inc.	0.59%	84,250	$1.4M	No change
AXP American Express Co.	0.58%	5,162	$1.4M	Reduce -4.6%
WFC Wells Fargo & Co.	0.58%	19,278	$1.4M	Add +17.7%
CMC Commercial Metals Co.	0.57%	29,885	$1.4M	Reduce -0.6%
VZ Verizon Communications Inc.	0.55%	29,267	$1.3M	Add +0.0%
AEP American Electric Power	0.54%	11,825	$1.3M	Add +1.7%
MU Micron Technology Inc.	0.53%	14,630	$1.3M	Add +4.5%
UPS United Parcel Service Class B	0.52%	11,421	$1.3M	Add +0.9%
DUK Duke Energy Corp.	0.51%	10,059	$1.2M	No change
C Citigroup Inc.	0.49%	16,484	$1.2M	Add +60.5%
BANC Banc of California Inc.	0.46%	77,975	$1.1M	No change
MTZ Mastec Inc.	0.43%	8,850	$1.0M	Add +16.4%
MMM 3M Co.	0.42%	6,845	$1.0M	Reduce -18.0%
ABNB Airbnb Inc. Class A	0.41%	8,230	$983K	No change
BX Blackstone Inc.	0.39%	6,615	$925K	Reduce -18.1%
WHR Whirlpool Corp.	0.37%	9,775	$881K	Add +20.3%
KO The Coca-Cola Co.	0.36%	12,120	$868K	Add +1.7%
MCD McDonald's Corp.	0.36%	2,775	$867K	Reduce -3.5%
BRK.B Berkshire Hathaway Inc. Class B	0.36%	1,602	$853K	No change
BRK.A Berkshire Hathaway Inc. Class A	0.33%	1	$798K	No change
HPE Hewlett Packard Enterprise	0.33%	51,373	$793K	Add +67.0%
ATO Atmos Energy Corp.	0.31%	4,800	$742K	Reduce -0.4%
PR Permian Resources Corp. Class A	0.30%	51,567	$714K	Reduce -2.8%
GS Goldman Sachs Group Inc.	0.29%	1,260	$688K	No change
SO The Southern Co.	0.27%	7,020	$645K	No change
ONON On Holding AG Class A filed as ON HLDG AG	0.26%	14,290	$628K	Add +13.5%
FDX FedEx Corp.	0.26%	2,542	$620K	Reduce -21.1%
MS Morgan Stanley	0.25%	5,062	$591K	No change
NCLH Norwegian Cruise Line Holdin	0.25%	31,100	$590K	Reduce -12.3%
PLTR Palantir Technologies Inc. Class A	0.24%	6,819	$576K	Add +100.6%
AEE Ameren Corporation	0.24%	5,725	$575K	No change
MTDR Matador Resources Co.	0.24%	11,138	$569K	Add +0.1%
PANW Palo Alto Networks Inc.	0.23%	3,160	$539K	Reduce -25.8%
SPG Simon Property Group Inc.	0.22%	3,100	$515K	No change
HON Honeywell International Inc.	0.21%	2,350	$498K	No change
CRS Carpenter Technology	0.21%	2,725	$494K	New
PTLO Portillo's Inc. Class A	0.20%	41,250	$490K	Reduce -4.6%
CFR Cullen/Frost Bankers Inc.	0.20%	3,878	$486K	Reduce -3.7%
MTN Vail Resorts Inc.	0.20%	3,025	$484K	New
CVX Chevron Corp.	0.20%	2,874	$481K	Add +1.0%
ISRG Intuitive Surgical Inc.	0.19%	900	$446K	No change
NFLX Netflix Inc.	0.18%	460	$429K	No change
SPOT Spotify Technology SA	0.17%	748	$411K	New
PEP Pepsico Inc.	0.17%	2,732	$410K	Reduce -4.0%
COP Conocophillips	0.17%	3,898	$409K	Reduce -1.6%
FANG Diamondback Energy Inc.	0.17%	2,540	$406K	Reduce -13.0%
LIF LIFE360 Inc.	0.17%	10,450	$401K	No change
DE Deere & Co.	0.16%	840	$394K	No change
LUV Southwest Airlines Co.	0.15%	10,925	$367K	Reduce -16.8%
RTX RTX Corp.	0.15%	2,677	$355K	New
AVGO Broadcom Inc.	0.15%	2,100	$352K	No change
XRN Global Medical REIT Inc.	0.14%	38,000	$333K	Reduce -26.9%
DELL Dell Technologies -C	0.14%	3,595	$328K	Reduce -8.9%
TFC Truist Financial Corp.	0.14%	7,961	$328K	Add +53.1%
FOUR SHIFT4 Payments Inc. Class A	0.14%	4,000	$327K	Reduce -24.9%
STKL Sunopta Inc.	0.14%	67,000	$326K	Add +42.5%
ORCL Oracle Corp.	0.13%	2,300	$322K	No change
TSLA Tesla Inc.	0.13%	1,240	$321K	New
SYM Symbotic Inc.	0.13%	15,150	$306K	Reduce -13.4%
PG The Procter & Gamble Co.	0.13%	1,765	$301K	Reduce -14.5%
TXN Texas Instruments Inc.	0.12%	1,610	$289K	Add +0.1%
LMT Lockheed Martin Corp.	0.11%	575	$257K	Reduce -46.5%
DRI Darden Restaurants Inc.	0.10%	1,200	$249K	No change
TFIN Triumph Financial Inc.	0.10%	4,275	$247K	Reduce -34.5%
EQT Eqt Corp.	0.10%	4,340	$232K	New
VRT Vertiv Holdings Co. Class A	0.09%	3,015	$218K	New
URI United Rentals Inc.	0.08%	320	$201K	No change
BLDR Builders Firstsource Inc.	0.08%	1,600	$200K	Reduce -34.7%
SNBRQ Sleep Number Corp.	0.08%	30,500	$193K	Reduce -26.5%
AIOT Powerfleet Inc.	0.07%	30,500	$167K	New
WULF Terawulf Inc.	0.07%	58,500	$160K	New

Portfolio Sells Q4 2024 → Q1 2025


GNRC Generac Holdings Inc.	Sold out	0.00%	−1.68
MSFT Microsoft Corp.	Reduce -15.7%	2.70%	−0.81
ENLC Enlink Midstream LLC	Sold out	0.00%	−0.43
ON On Semiconductor	Sold out	0.00%	−0.31
VST Vistra Corp.	Reduce -3.4%	1.20%	−0.22
CYBR Cyberark Software Ltd./Israel	Sold out	0.00%	−0.21
NVO Novo-Nordisk A/S-Spons ADR	Sold out	0.00%	−0.20
BX Blackstone Inc.	Reduce -18.1%	0.39%	−0.18
SNBRQ Sleep Number Corp.	Reduce -26.5%	0.08%	−0.18
PFE Pfizer Inc.	Sold out	0.00%	−0.14
TFIN Triumph Financial Inc.	Reduce -34.5%	0.10%	−0.14
IBM Intl Business Machines Corp.	Reduce -21.4%	1.38%	−0.13
CART Maplebear Inc.	Sold out	0.00%	−0.13
CROX Crocs Inc.	Sold out	0.00%	−0.13
NCLH Norwegian Cruise Line Holdin	Reduce -12.3%	0.25%	−0.13
YOU Clear Secure Inc. Class A	Sold out	0.00%	−0.12
WYNN WYNN Resorts Ltd.	Reduce -5.9%	1.75%	−0.12
CMA Comerica Inc.	Sold out	0.00%	−0.12
FDX FedEx Corp.	Reduce -21.1%	0.26%	−0.11
LMT Lockheed Martin Corp.	Reduce -46.5%	0.11%	−0.11
CAT Caterpillar Inc.	Reduce -0.1%	1.36%	−0.10
PANW Palo Alto Networks Inc.	Reduce -25.8%	0.23%	−0.09
MRK Merck & Co. Inc.	Reduce -3.1%	0.78%	−0.09
FOUR SHIFT4 Payments Inc. Class A	Reduce -24.9%	0.14%	−0.09
AXP American Express Co.	Reduce -4.6%	0.58%	−0.07
ETD Ethan Allen Interiors Inc.	Reduce -6.1%	1.32%	−0.07
HD Home Depot Inc.	Reduce -0.5%	1.49%	−0.06
BLDR Builders Firstsource Inc.	Reduce -34.7%	0.08%	−0.06
DELL Dell Technologies -C	Reduce -8.9%	0.14%	−0.05
SYM Symbotic Inc.	Reduce -13.4%	0.13%	−0.04
BAC Bank of America Corp.	Reduce -1.2%	0.86%	−0.03
CMC Commercial Metals Co.	Reduce -0.6%	0.57%	−0.03
LUV Southwest Airlines Co.	Reduce -16.8%	0.15%	−0.03
FANG Diamondback Energy Inc.	Reduce -13.0%	0.17%	−0.03
XRN Global Medical REIT Inc.	Reduce -26.9%	0.14%	−0.02
MMM 3M Co.	Reduce -18.0%	0.42%	−0.02
CFR Cullen/Frost Bankers Inc.	Reduce -3.7%	0.20%	−0.02
PG The Procter & Gamble Co.	Reduce -14.5%	0.13%	−0.02
PR Permian Resources Corp. Class A	Reduce -2.8%	0.30%	−0.01
PEP Pepsico Inc.	Reduce -4.0%	0.17%	−0.01
COP Conocophillips	Reduce -1.6%	0.17%	+0.01
XOM Exxon Mobil Corp.	Reduce -11.0%	2.52%	+0.02
MCD McDonald's Corp.	Reduce -3.5%	0.36%	+0.02
SCHW Schwab (charles) Corp.	Reduce -2.1%	0.60%	+0.04
ATO Atmos Energy Corp.	Reduce -0.4%	0.31%	+0.04
PTLO Portillo's Inc. Class A	Reduce -4.6%	0.20%	+0.04
COST Costco Wholesale Corp.	Reduce -1.8%	1.07%	+0.04
AMGN Amgen Inc.	Reduce -13.1%	0.82%	+0.05
XEL Xcel Energy Inc.	Reduce -0.4%	0.77%	+0.05
JNJ Johnson & Johnson	Reduce -7.1%	0.77%	+0.07

Portfolio Buys Q4 2024 → Q1 2025


KEX Kirby Corp.	New	1.24%	+1.24
UBER Uber Technologies Inc.	Add +8.4%	2.63%	+0.67
OKE Oneok Inc.	Add +15.2%	3.03%	+0.43
META Meta Platforms Inc. Class A	Add +17.7%	2.15%	+0.34
LLY Eli Lilly & Co.	Add +10.6%	1.53%	+0.27
T AT&T Inc.	Add +2.3%	1.08%	+0.25
GOOGL Alphabet Inc. Class A	Add +97.9%	0.63%	+0.25
GOOG Alphabet Inc. Class C	Add +38.7%	0.62%	+0.21
CRS Carpenter Technology	New	0.21%	+0.21
MTN Vail Resorts Inc.	New	0.20%	+0.20
C Citigroup Inc.	Add +60.5%	0.49%	+0.19
DVN Devon Energy Corp.	Add +6.4%	0.88%	+0.17
SPOT Spotify Technology SA	New	0.17%	+0.17
RTX RTX Corp.	New	0.15%	+0.15
PLTR Palantir Technologies Inc. Class A	Add +100.6%	0.24%	+0.14
TSLA Tesla Inc.	New	0.13%	+0.13
DKNG Draftkings Inc. Class A	Add +21.1%	1.29%	+0.13
WFC Wells Fargo & Co.	Add +17.7%	0.58%	+0.11
AEP American Electric Power	Add +1.7%	0.54%	+0.10
EQT Eqt Corp.	New	0.10%	+0.10
VRT Vertiv Holdings Co. Class A	New	0.09%	+0.09
JPM JPMorgan Chase & Co.	Add +0.9%	1.48%	+0.08
VZ Verizon Communications Inc.	Add +0.0%	0.55%	+0.08
CSWC Capital Southwest Corp.	Add +7.2%	0.67%	+0.07
CLF Cleveland-Cliffs Inc.	Add +21.7%	0.84%	+0.07
AIOT Powerfleet Inc.	New	0.07%	+0.07
TSM Taiwan Semiconductor-SP ADR	Add +26.4%	0.85%	+0.07
WULF Terawulf Inc.	New	0.07%	+0.07
HPE Hewlett Packard Enterprise	Add +67.0%	0.33%	+0.06
KO The Coca-Cola Co.	Add +1.7%	0.36%	+0.06
MU Micron Technology Inc.	Add +4.5%	0.53%	+0.05
TFC Truist Financial Corp.	Add +53.1%	0.14%	+0.04
FCX Freeport-McMoran Inc.	Add +0.6%	1.80%	+0.04
CVX Chevron Corp.	Add +1.0%	0.20%	+0.03
MTZ Mastec Inc.	Add +16.4%	0.43%	+0.01
BA The Boeing Co.	Add +1.4%	1.12%	+0.00
WMT Walmart Inc.	Add +0.2%	1.09%	−0.00
TXN Texas Instruments Inc.	Add +0.1%	0.12%	−0.00
WHR Whirlpool Corp.	Add +20.3%	0.37%	−0.01
STKL Sunopta Inc.	Add +42.5%	0.14%	−0.01
ET Energy Transfer LP	Add +1.8%	1.41%	−0.01
MTDR Matador Resources Co.	Add +0.1%	0.24%	−0.02
ONON On Holding AG Class A	Add +13.5%	0.26%	−0.02
UPS United Parcel Service Class B	Add +0.9%	0.52%	−0.06
SN Sharkninja Inc.	Add +2.7%	0.83%	−0.09
EXP Eagle Materials Inc.	Add +1.6%	1.43%	−0.10
AMZN Amazon.com Inc.	Add +2.7%	2.87%	−0.27
AAPL Apple Inc.	Add +0.6%	6.67%	−0.62
NVDA Nvidia Corp.	Add +0.3%	9.50%	−1.95

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	125	$302.6M	NVDA, TPL, AAPL, AMZN, CAT
Q1 2026	118	$270.3M	NVDA, TPL, AAPL, AMZN, XOM
Q4 2025	107	$268.8M	NVDA, TPL, AAPL, AMZN, MSFT
Q3 2025	113	$266.9M	NVDA, TPL, AAPL, AMZN, MSFT
Q2 2025	123	$253.0M	NVDA, TPL, AAPL, AMZN, MSFT
Q1 2025	112	$239.3M	TPL, NVDA, AAPL, OKE, AMZN
Q4 2024	112	$245.4M	TPL, NVDA, AAPL, MSFT, AMZN
Q3 2024	119	$239.3M	NVDA, TPL, AAPL, MSFT, XOM
Q2 2024	117	$227.8M	NVDA, TPL, AAPL, MSFT, XOM
Q1 2024	118	$217.4M	TPL, AAPL, NVDA, WIRE, XOM