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Is This Pipeline Stock a Steal?

There was some good news that got lost in the chaos and panic of Wednesday’s oil market pullback, Cramer told viewers Thursday.

That good news came from oil and gas pipeline company Enbridge , who reported a robust quarter Wednesday morning. The Canadian company delivered 89 Canadian cents per share, a 2 cent beat, with Canadian mainline volumes rising 12.9 percent year-over-year and its regional oil sands volumes up 38.6 percent. It also reaffirmed its forecasts for 2011 and talked about strong earnings growth leading to future dividends.

ENB operates the world’s longest oil and natural gas liquids pipeline system. It also happens to be the largest conduit of oil into the United States, accounting for 13 percent of all U.S. imports and 65 percent of western Canadian crude oil exports.

Cramer likes this company, with its 3.3 percent yield and track record of raising the payout an average of 11 percent over the last decade.

“Enbridge is the kind of consistent dividend raiser that you can count on in good times and bad,” the “Mad Money” host said.

Best of all, Cramer said, is that ENB is not a hostage to the price of oil. That’s because 95 percent of Enbridge’s earnings are supported either by regulated assets or long-term contracts. And that, in turn, has allowed the company to never once cut its dividend during its 55 year history.

Yet despite the company’s rosy report, the stock has come down nearly two points. And that, Cramer said, means ENB could be a steal.

To find out more, Cramer sat down with CEO Pat Daniel. Watch the video to see his full interview.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

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