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Cramer's Speculative Play in This Volatile Market

Cedar Fair is a speculative play worth buying right into this chaotic stock market, Cramer told viewers Friday.

The theme park operator , which has 11 amusement parks, seven water parks and five hotels, is a big beneficiary of lower gas prices.

“As consumers trade-down from vacations to staycations,” Cramer said, “they’re more likely to drive to a nearby park, especially now that the price at the pump is coming down.”

But the real reason the “Mad Money” host likes this speculative name is because it’s a “secretly high-yielder.” Right now the yield is about 2.3 percent, but it’s about to go much higher—perhaps as high as 11 percent.

Because Cedar Fair is a master limited partnership, it has to pay out a significant percentage of their cash flow in the form of a distribution to its shareholders. And when it reported two days ago, the company said it intends to pay out $1 per unit in distributions this year, which would bring the yield up to 5.8 percent. FUN intends to double it to $2 per unit in 2013, which would give it an 11.6 percent yield at these levels.

So far, Cedar Fair has only paid 30 cents in distribution this year, which means they think they can pay out 70 cents for the fourth quarter. Cramer said this gigantic increase is not being reflected in the stock price—yet.

“You have to get in this one before they raise the distribution, while it’s still a secretly high-yielder,” he said, “because once that yield is out in the open, people are going to buy this stock hand over fist, even if the market stays lousy.”

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