Jim Cramer on Texas Pacific: “We’re Just Not Going to Go There”

Texas Pacific Land Corporation (NYSE:TPL) is one of the stocks that Jim Cramer shared insight on. A caller asked for Cramer’s view on the stock, and he stated:

“See, I’m not positive on oil right now. That was one of our favorites last year. I’m going to say, you know what, we’re just not going to go there. It’s just not right to own the oil and gas right now. They’re just on the wrong side of the trade.”

A technical stock market chart. Photo by Energepic from Pexels

Texas Pacific Land Corporation (NYSE:TPL) engages in land and resource management. The company also provides water services, leases land, and sells materials. Whilst listing 20 best performing stocks over the past 20 years back in April, Cramer mentioned the company, and commented:

“Fifth place, odd one, Texas Pacific Land Corporation, up nearly 13,000% since we first went on air. It’s a fun story with its origins dating back to the 1800s when a planned railroad line went bankrupt, and the only remaining asset for creditors to take was some land in western Texas. Turns out it was very valuable land sitting on vast reserves of oil and gas. These days, Texas Pacific simply leases its land holdings to oil and gas-related companies or pipeline operators. It’s a great business, but it’s not necessarily one that I want to recommend, with West Texas Crude sinking to $60 a barrel today [Don’t buy, don’t buy, don’t buy].”

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Disclosure: None. This article is originally published at Insider Monkey.