Considering the environment has been tough for MLPs, Cramer wanted to take a closer look at this one which has returned 62% in 6 months.

It's Crosstex Energy and the return is somewhat surprising considering high yielders have largely fallen out of favor as interest rates rise.

However, Cramer thinks the massive advance speaks to the exciting prospects facing the company.

Back in October, Crosstex and Devon Energy announced that they're with Devon spinning off its midstream assets and merging them with Crosstex to form a new company. The newly formed EnLink Midstream Partners should close sometime this quarter," Cramer noted.

"This deal will be immediately additive to the combined company's distributable cash flow—the key metric for MLPs because it controls how much money they can return to shareholders—and it should have enormous synergies," Cramer said.

That's what Cramer thinks is behind the very impressive performance. And he thinks after the new EnLink is finally formed, "it will be one terrific stock. "As far as I can tell 95% of Crosstex' contracts are fee based," Cramer said. In other words, they shouldn't have significant exposure to commodity price fluctuations.

---------------------------------------------------------------
Read More from Mad Money with Jim Cramer
Baffling buyout: What's Google doing?
Best pick in Mad Money history?
Cramer has faith in these 5 CEOs
---------------------------------------------------------------

"With the yield on the 10-year Treasury ticking up over 2.9% on Wednesday, I thought it was worth exploring which of the master limited partnerships managed to thrive last year despite the steady climb in rates." Cramer noted.

AsAs it turned out, the homework has led to a stock with significant potential. "I think this could be a really great idea for individual investors.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com