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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Thursday May 16.

MVP MLPs: Kinder Morgan Partners (NYSE:KMP), Enterprise Products Partners (NYSE:EPD), MarkWest Energy (NYSE:MWE), Plains All-American (NYSE:PAA), Williams (NYSE:WPZ), Hornbeck (NYSE:HOS), Ensco (NYSE:ESV), Transocean (NYSE:RIG), Seadrill (NYSE:SDRL)

At a time when many are worried about where the market is headed, it might be worth considering an MLP for high dividend and relatively low risk. The domestic oil and gas revolution is underway, but that does not necessarily mean prices are headed up. In fact, with the drilling boom, commodity prices are likely to fall because of increased supply, and therefore, it might be risky to buy drillers which are levered to the price of oil or gas. Cramer discussed MLPs, most of them are pipeline companies which have fee-based businesses and are not as vulnerable to commodity prices. MLPs don't work well in IRAs because of tax issues, but for other forms of investment, they are ideal.

Cramer's top pick is Kinder Morgan Partners (KMP), and he calls CEO Richard Kinder "the smartest guy in the oil and gas business." KMP yields 5.8% and has made brilliant acquisitions of El Paso, a pipeline company, and Copano. The company reported better than expected earnings with "exceptional growth opportunities over all segments." Cramer recommended KMP 6 years ago, and since then, it has gained 153%.

Enterprise Products Partners (EPD) yields 4.35% and is adding profitable assets. Even though its distribution is lower than KMP's, it has raised its yield for 35 consecutive quarters.

For investors who are interested in MLPs but crave more risk, Cramer mentioned 3 MLPs: MarkWest Energy (MWE), Plains All-American (PAA) and Williams (WPZ). MarkWest Energy (MWE) has a 5% yield and specializes in natural gas services. It is a good choice for those who believe that natural gas prices will continue to recover, since it has more price risk than many other MLPs, but a larger reward potential. MWE plans to raise its distribution by 10% per year. Plains All-American (PAA) yields 3.95% and has risen 29% so far this year. It has significant assets in liquids in the Permian Basin and the Bakken. PAA also aims to grow its distribution by 10% annually. Williams (WPZ) yields 6.6% and specializes in natural gas liquids, particularly those used by chemical companies. Because liquids are not a hot area right now, it has been buffeted, but those who think there may be an upside might want to take the risk.

Cramer took some calls:

Hornbeck Offshore Services (HOS) is alright, but it is "not where I'm going to send you." Cramer prefers Ensco (ESV), which has the best, most modern rigs. He prefers ESV to Transocean (RIG) and Seadrill (SDRL).

Market Crash Test Dummies: Google (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), Cisco (NASDAQ:CSCO), Palo Alto (NYSE:PANW), Tesla (NASDAQ:TSLA)

The Dow moved up in the morning, only to pull back on fears that stocks have gotten a bit frothy. Cramer outlined a refutation to the argument that stocks are making parabolic moves reminiscent of the dotcom era and the crash in 1987. From October 1999 until the peak of March 2000, the Nasdaq moved up an average of 500 points per month compared to the 200 point move seen now. What differentiates this market from the dotcom era is that the multiples of stocks then were sky high: Microsoft (MSFT) traded at 34 times earnings compared to its level of 12 now. Cisco (CSCO) in 1999-2000 ranged between 60 to 80 times earnings; now it trades at 11. The dotcoms leading the rally then not only had inflated multiples, but many had poor earnings. Microsoft, Cisco and Google (GOOG) have strong earnings, cleaner balance sheets and better prospects than the dotcoms. One stock now that is reminiscent of the dotcom era is Tesla (TSLA), which has risen from 30 to 90, and many are betting against it. Cramer would stay away from Tesla.

From December 1986 until August 1987, there was a 40% run-up in stocks compared to 20% currently. The S&P 500 traded at 29 times earnings; its current level is 16. Cramer concluded that comparisons to the current market and that of 1987 and the dotcom era are "ludicrous." Some are concerned about the run-up in stocks since the Great Recession, but regional banks, for example, are only a quarter of their valuations pre-Recession and are better companies now than then. There will be plenty of buyable pullbacks, but Cramer doesn't anticipate a crash.

Cramer took a call:

Palo Alto (PANW): "I'm going against it," said Cramer, because the internet security sector has "burned me so many times, that I would be willing to pass up even a 30-40% move in PANW. That area has hurt too many people."

CEO Interview: Udo Reider, Erickson Air-Crane (NASDAQ:EAC)

Cramer welcomed Udo Reider, the CEO of Erickson Air-Crane (EAC) onto the program. EAC is an aerial heavylift services company levered to many different industries, including timber, energy, construction, fire fighting and the military. The stock has rallied 233% year to date. It is a small company and a rather volatile stock, so Cramer would use limit orders before buying. Because of a recent acquisition, EAC will have more exposure to the military; Udo Reider says he is not worried about sequestration, because EAC offers essential services that are unlikely to get cut. EAC has a good balance sheet; "We are comfortable with our level of debt," Reider said.

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Source: Cramer's Mad Money - MLP MVPs (5/16/13)