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This Is Your Shield Against Goldman

Are you looking for a little portfolio protection from the world’s little PIIGS as their debt houses blow down? Or maybe just the seemingly piggish traders at Goldman Sachs? Then buy a stock that has nothing to do with these countries and pays a bountiful dividend.

“A dividend can’t be rigged,” Cramer said Wednesday. “It’s just money in your pocket.”

One of those stocks used to be Kinder Morgan Energy Partners , but it’s run too much. KMP is up 23% since Cramer’s Oct. 5 recommendation, and that’s excluding the dividends you got from that hefty 6.2% yield. So you need something new. Another master limited partnership that returns its profits to shareholders and whose dividends enjoy the same favorable tax treatment.

Enter Copano Energy CPNO. This natural-gas pipeline play may hold a touch more risk, but it yields a 8.7%, a significant jump from Kinder Morgan’s payout.

Copano’s a midstream company, meaning it operates pipelines that gather the gas form the fields, processes the gas and then moves it across the country through its transmission pipelines. Copano controls 6,700 miles of them, and they serve some of those hot shale plays that Cramer’s always highlighting on Mad Money.

Most of the company’s business is in Texas (55%), in the Eagle Ford and Barnett Shales. But another 42% comes from the Woodford Shales and others in Oklahoma. The Rockies represent the final 3%. The continued growth in these regions, where foreign companies are eager to make big investments, should translate into growth for Copano, too. And that should mean more dividends for shareholders.

Cramer also likes Copano’s plan to spend most of its capital-expenditures budget on its Eagle Ford business, as well as the company’s joint venture with Kinder Morgan there. Copano also will build a pipeline linking Eagle Ford to its central Houston processing plant, and it holds a long-term agreement with EOG Resources to gather, treat and process that company’s gas in the North Barnett Shale. Plus, Copano is moving toward a more fee-based business structure that will steady its operations and make the dividend more reliable.

Cramer called CPNO “safe to buy here,” thanks to a March equity offering that brought in $172 million at $23.10 a share. That strengthened the balance sheet, and investors now have the chance to get the stock for less than $2 more than that offering price.

“In this turbulent market, I think the best way to protect yourself and to try to make money at the same time,” Cramer said, “is with dividend-paying, tax-shielded equities like Copano Energy.”

Cramer’s charitable trust owns Goldman Sachs.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

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