After big gains, stocks Cramer would avoid

If you're looking at these stocks due to chatter of a super-cycle, Jim Cramer thinks you'll come to regret it.

Because sand is such an important part of fracking, a relatively new drilling process that's made formerly hard to reach deposits of oil and natural gas accessible, there's been a keen interest in owning sand stocks.

"Just three weeks ago, a smart energy analyst at Morgan Stanley, came out with a piece declaring a multiyear sand super-cycle, with demand outpacing supply to the point where there could be a serious sand shortage in a couple of years," Cramer noted.

Although the prediction sounds like a green light to buy sand stocks with abandon, Jim Cramer doesn't think it's a good idea.

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First, he never likes to chase and many stocks in the space have already rallied sharply.

However, on top of that, Cramer doesn't like the pricing power. "At the end of the day, this stuff is just sand and sand is plentiful" Cramer said.

Also, other substances can be used in place of sand for fracking. "If sand ever gets too expensive, then oil drillers could simply switch to another material," Cramer said.

On top of all that, Cramer worries with the price of oil stuck around $91, production may slow, to better align supply with demand.

Therefore, rather than buy, Cramer thinks most stocks in the space, including U.S. Silica, and Hi-Crush Partners are better avoided.

The only play Cramer likes, and this is only if you must own a stock in the space, is Emerge Energy Services, "and that's because Emerge is a master limited partnership that's protected by a bountiful distribution that's expected to come in at roughly $7 a share over the next year, which amounts to a 5.8 percent yield at these levels."

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Otherwise, Cramer does not think an increased demand for sand offers an attractive theme for investors, who aren't already in an established long position .

"Now, I'm not backing away from my belief in the North American oil and gas renaissance, I just don't think this is the way to play it. The sand stocks are just too darned high," Cramer said.

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