The latest Baker Hughes Rig Count number reported Friday showed that the drilling boom continues, Cramer said during Stop Trading!. But analysts aren’t keeping pace with the trend, and that leaves investors a great opportunity to profit.
The number of domestic and Canadian rigs was “off the charts,” Cramer said, with the US count jumping 6.5% from January to February, while those in Canada increased 23%. As more and more rigs come online, the drillers – Weatherford International , Baker Hughes and others – will increase their fees, and that in turn could result in earnings beats next quarter.
So “I think people need to focus on the drillers,” Cramer said.
The elections in Iraq will be especially important for Weatherford, as that country is WFT’s “breadbasket,” the Mad Money host said. Stability there will result in more drilling and as a result more business for Weatherford.
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