By Ryan Dezember
Talk about selling your winners.
Texas Pacific Land, the bankrupt 19th-century railroad turned energy-stock juggernaut, is at risk of declining for a seventh straight day amid its most-severe slump since the Covid market crash in March 2020.
Shares of the oil-patch landowner have tumbled about 25% since joining the S&P 500 last last month. Nonetheless, Texas Pacific remains one of nine stocks in the broad index to have at least doubled this year.
The firm owns swaths of desert in the Permian Basin, collecting rent and royalties from drillers in a corner of the U.S. that producers more oil and gas than many OPEC members.
Texas Pacific has lately been buying more land and adding bitcoin miners, battery firms, wind farms, solar arrays, and carbon-sequestration projects to its list of tenants.
Read more about Texas Pacific's rise:
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(END) Dow Jones Newswires
December 12, 2024 14:04 ET (19:04 GMT)
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