As sellers hit energy stocks, Jim Cramer suggests buying strategically.
Long-term, the "Mad Money" host believes there's opportunity in the energy sector that outweighs any near-term headwinds.
"Remember, we're in the middle of a domestic energy renaissance that's transformed American oil and gas producers into some of the fastest growing companies around, and that growth doesn't go away just because their products have come down in price for the moment," Cramer said.
And of the many, many stocks in this space that Cramer has profiled, down 15 percent in 3 months, the "Mad Money" host thinks Range Resources belongs on your radar, right now.
"Range Resources is among the lowest cost producers in the space, with truly spectacular production growth," Cramer noted. "Wall Street expects the company's total production to increase by 22 percent this year and by 27 percent in 2015."
And with acreage in Pennsylvania's Marcellus shale, along with exposure to Ohio's Utica shale, the Nora field in Virginia, the more oily Mid-Continent play in Oklahoma and Texas, and some relatively untapped assets in Texas' red hot Permian Basin, Cramer thinks Range Resources is in the sweet spot.
That is, in years to come, he believes natural gas will become the fuel of choice for a wide range of items, from cars and trucks to utility grids, in part, because it's a cleaner alternative to other fuels, and in part, because of its abundance here in the US.
"The US is now the number one natural gas producer in the world," explained Range Resources CEO Jeffrey Ventura on "Mad Money." "I'm not sure how many Americans know that."
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Therefore Cramer sees a long position in a stock such as Range Resources as a bet on the nation's energy future. And given the recent selloff, he thinks establishing a new position on the decline makes all the sense in the world.
Of course shares could fall further, especially if the spot price of nat gas slides lower, however, over time Cramer sees every reason for shares to rise. "Is this the bottom, I don't know. But look at what they've got; fabulous resources and declining costs to get it out. If you're looking for a stock to buy and put away, I'd look at Range Resources" Cramer said.
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