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Mad Money host Jim Cramer likes oil stocks now, particularly if the pay a strong dividend or offer strong growth. Cramer feels that the drop in the price of oil could have more to do with hedge funds raising cash rather than a significant drop in demand. He also still likes gold as part of a balanced portfolio. As a new CNBC article states, Cramer feels that: "Much of the velocity at which the market is falling is due to the machines used by high-frequency traders. So he suggests slowly buying shares on the way down. Once the hedge funds are done liquidating, he thinks oil prices will rise again, along with oil companies' stocks. Read more Cramer comments here. Here is a closer look at 3 oil and gold investments Cramer likes now:

ConocoPhillips (NYSE:COP) is one of the largest integrated oil and gas companies. This company is involved in exploration, production, processing, and transportation of various energy products and fuels. This company has extensive oil and gas reserves, which will increase in value as energy prices rise. Chances are dividends will also grow with earnings and offer investors a hedge against inflation.
Here are some key points for COP:
Current share price: $62.71
The 52-week range is $52 to $81.80
Earnings estimates for 2011: $8.19 per share
Earnings estimates for 2012: $8.87 per share
PE Ratio: about 9
Annual dividend: $2.64 per share, which yields 4.3%
EOG Resources (NYSE:EOG) is a leading natural gas and crude oil company. EOG has interests in the United States, Canada, the Republic of Trinidad, Tobago, the United Kingdom, and China. EOG Resources also has a joint venture agreement to develop fields located in the Eagle Ford shale region.
Here are some key points for EOG:
Current share price: $86.99
The 52-week range is $85.42 to $121.44
Earnings estimates for 2011: $3.67 per share
Earnings estimates for 2012: $6.12 per share
Annual dividend: 64 cents per share, which yields .7%
SPDR Gold Trust (NYSEARCA:GLD) is a ETF that tracks the price of gold bullion. Each share represents the price of an ounce of gold. This is a cost effective and secure way to add gold to your portfolio, however, with gold hitting new highs, it could be smart to wait for a correction.

Here are some key points for GLD:
Current share price: $174.58
The 52-week range is $116.58 to $175.13
Earnings estimates for 2011: n/a
Earnings estimates for 2012: n/a
PE Ratio: n/a
Annual dividend: n/a

Data sourced from Yahoo Finance. No guarantees or representations are made.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Disclaimer: Hawkinvest is not a registered investment advisor and does not provide specific investment advice. The information is for informational purposes only. You should always consult a financial advisor.
Source: Cramer Likes These 3 Oil and Gold Stocks