Cramer: New Boon for Dominion?
One of the most game changing developments over the last 10 years has got to be the discovery and new ability to tap into our nation's abundant reserves of natural gas.
"We end up simply burning off millions of cubic feet of the stuff every day, just because we don't have enough demand," said Jim Cramer on Thursday's broadcast.
But the Mad Money host thinks that's about to change.
"Recently, we got some very good news in the form of an important government report, commissioned by the Energy Department, which gave its blessing to the idea of exporting the fuel via liquefied natural gas terminals."
Although the developments are a boon for natural gas stocks, Jim Cramer suggested another beneficiary – one that you might not have thought of - Dominion Resources.
Dominion is a major utility, providing electricity and natural gas to customers in Virginia, West Virginia, Ohio, Pennsylvania and North Carolina.
However, Dominion now has a nat gas kicker, said the Mad Money host.
"Dominion intends to build a liquefied natural gas export facility in Maryland, and it seems more likely that this project will be approved in the wake of the recent pro nat gas report from the government."
Cramer likes the stock for other reasons too.
"Dominion's also got a nice 4 plus percent yield, and the company has a history of raising its dividends to boot. And because it's a utility, you really don't have to worry much about the impact of the fiscal cliff on the underlying business, because utilities are as consistent as it gets." Read More: Who's Winning The Nat Gas Game?
"If you want steady income and a stock that's not up a lot, stay with Dominion," Cramer added.
Hear more about the company's initiative to export liquefied nat gas in Jim Cramer's exclusive interview with Tom Ferrell, the chairman and CEO of Dominion Resources. Watch the video now!
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