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This sell-off overdone, says Cramer

At $80 this stock has been punished enough, said Cramer. The future profit potential is just too great to think otherwise.

The Mad Money host was talking about Kinder-Morgan Energy Partners.

Shares have tumbled since April and are currently close to flat on year as expectations of rising rates have triggered a sell-off in this so-called 'bond alternative.'

However, looking at Kinder-Morgan as only a high yielding security may be a mistake.

Unlike high yielding consumer staples companies such as Kimberly-Clark or a tobacco yielder such as Altria, Kinder-Morgan is tethered to a powerful new trend.

"I'm talking about the domestic oil and gas boom," Cramer said.

Adam Jeffery | CNBC

"In recent years we have found so much of this stuff that the United States is now on track to beat out Russia as the world's number one producer of oil and gas," he added.

If Cramer's right and the US does become the world's number one producer of oil and gas, the industry will "need more pipelines to get these commodities from the remote fields where they're produced to the markets where they're needed."

And few companies are better poised to profit than Kinder-Morgan. With its 53,000 miles of pipes its among the largest pipeline operators in the nation.

Looking at Kinder-Morgan's recent earnings, Cramer think results confirm a bullish outlook.

"KMP just reported this week and while some people were disappointed by the earnings, which came in at 51-cents a share, versus the 61-cents that Wall Street was looking for, I think there was a lot to like about this quarter, including the fact that KMP's revenues rose 31.3% year over year. That was better than expected," Cramer said.

Then there's the distribution. "KMP boosted its distribution by 7%, bringing the yield here up to a colossal 6.7%."

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Even though Cramer is fully aware that the Street has shunned high yielding stocks lately, Cramer thinks Kinder-Morgan has declined so much, it doesn't have a lot of downside left.

"At $80 and change, down more than $12 from its highs, I think KMP may have been punished enough," he said. "The energy renaissance underway in our nation is just too powerful for me think otherwise."

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