Jim Cramer Highlights Texas Pacific Land as the Ninth Best Performing S&P 500 Stock in Q1

Texas Pacific Land Corporation (NYSE:TPL) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer noted the stock’s decline during the week, as he said:

Next up, I was a little surprised that with crude oil up more than 70% year to date, there were only three oil plays among the S&P’s top 10 performers, APA, Texas Pacific Land, which you know we’ve liked a lot, and Occidental Petroleum, which frankly we haven’t liked at all… Next, there’s Texas Pacific Land, that’s a quirky story, which had 65% gain, making it the ninth best performing in the S&P. These guys own a bunch of land in the Permian Basin.

And while they don’t own the mineral rights, they lease their surface holdings to energy companies that want to drill while also selling them water, which is essential for fracking. But the stock’s down more than 14% this week, which is what you would expect if the war ends. This is kind of a prelude. The Strait reopens, and the price of oil comes down.

Stock market data. Photo by Photo by Alesia Kozik

Texas Pacific Land Corporation (NYSE:TPL) manages large areas of land and oil royalties and provides water sourcing and disposal services. The company generates revenue through land leasing, easement grants, and the sale of raw materials, in addition to its perpetual oil and gas royalty holdings.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years 

Disclosure: None. Follow Insider Monkey on Google News.