Cramer: This Is Big Daddy of All MLPs

In a low-yield environment like this one, where can you find value? Jim Cramer has a a thought.

If you watch Mad Money regularly, you know that Cramer has grown somewhat fond of oil and gas limited partnerships. And another name has sparked his interest – Enterprise Product Partners.

"Enterprise Product Partners may be among the shrewdest MLP's in the land," said Cramer. "It has major pipe coming in and out of all the important shales and it has just about the best exposure to the huge petrochemical refineries that crave the natural gas liquids feedstock."

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"Also, it transports an astounding 4.3 million barrels of natural gas liquids, oil, refined product and petrochemicals a day. And like so many other MLPs, Enterprise can't lay down pipe fast enough," Cramer added.

Also, Cramer notes the company just issued an 8 million share secondary.

"It priced the other day at $54.56, and about a dozen execs and board members so far have disclosed that they participated in the offering."

Carlos Davila | Photographer's Choice RF | Getty Images

Cramer said the money will be used to pay down debt so the company can expand once again.

That's not to say the stock doesn't post some risks – it does.

"This is the Big Daddy of all of the MLPs," said Cramer. "It will probably sell down if another big MLP offers stock."

However, Cramer thinks the risk is worth the reward. And even though the stock is close to its 52-week high, the Mad Money host thinks it belongs on your radar.

"The insiders see value," said Cramer. Who am I to say they are wrong? I think this is a decent entry point to get some of this 4.79% yielder. I would put on half a position and then hope it goes to a 5% yield through price depreciation."

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