Oil fell steeply on Thursday and was set for its lowest close in more than two weeks after weak Chinese and European manufacturing data sparked fears that slowing growth could dent global energy demand. To “Mad Money” host Jim Cramer, though, now is the perfect time to go “bargain hunting in the oil patch.”
Carrizo Oil & Gas is certainly an oil stock to consider, Cramer said. The small exploration and production company has a market cap of around $1.1 billion. Its stock fell 5.1 percent on Thursday, where it now trades at 6.6 times next year’s earnings even though the company is growing considerably.
To learn more about Carrizo Oil & Gas, Cramer welcomed CEO Chip Johnson onto “Mad Money.” The two talked about where the company is headed. See Cramer’s full interview by watching the video.
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