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If you don’t know by now that it’s Wildcatter Week on Mad Money, feel free to engage in the kind of self-flagellation that Cramer does every Thursday during Sell Block.
Lucky for you, Mad Money’s prodigal by nature, so we’re happy to welcome you back into the fold. To catch you up: High oil prices are a matter of supply and demand, meaning more oil on the market will bring the cost per barrel down. Wildcatters are the drilling companies that search in hard-to-reach places to find the new reserves we need. It’s an expensive business, and one that only makes sense with prices so high. Hence, Cramer’s focus on these stocks.
Today’s pick? Range Resources [RRC
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]. The company is the oldest and believed to be the largest player in Pennsylvania’s giant natural-gas field, the Marcellus shale. But Range operates in more places than just that. There’s the Huron shale in Kentucky, the Woodford shale in Oklahoma and the Floyd shale in Alabama, just to name a few. Add all these proven reserves together and Range holds 2.2 trillion cubic feet of gas – with another eight to ten times that amount in potential reserves.
Cramer likes RRC for a few reasons:
Production-growth guidance was raised to 19% from 15%, and the rig count is expected to double to six from three. There’s nothing Wall Street likes more than growth.
Range’s finding costs are about $1 less per million cubic feet than competitors, so the profit margins here are even better than the rest of the sector.
RRC is down since a recent secondary offering because Wall Street’s attention has shifted from the Marcellus shale to other hotter, newer properties. The discounted share price gives investors a great entry point.
“Range Resources should never have gotten this cheap,” Cramer said, “and if you want a large, established, now-undervalued play for Wildcat Week, RRC is the one for you.”
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