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The Lone Oil-Service Laggard?

The U.S. doesn’t dictate the world’s demand for oil anymore, Cramer said tonight on Mad Money, so don’t expect the Tuesday Fed meeting to stop that sector’s surge.

The problem with finding a good oil stock to buy, though, is that Cramer thinks most have already gone up too much – except for Grant Prideco, that is. GRP develops and manufactures the pipes and bits that all the driller companies, which are doing incredibly well, use. The Houston-based company is enjoying strong pricing for its products as well.

CEO Michael McShane gave a real dud of a presentation at the Lehman Brothers conference last week, but Cramer attributed that to his “underpromise, overdeliver” strategy. If anything, he sees it as a reason to buy.

Cramer’s only word of caution: Wait until after the Fed meeting to buy anything. Besides, it’s always better to wait five days after he recommends any stock anyway.

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