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If the S&P had a giant bargain table in the basement, this stock might be featured front and center.
Of course, market doesn't quite work that way but in the case of Marathon Oil, it may as well.
Cramer says at Wednesday's analyst meeting Marathon gave plenty of reasons for shares to rally, yet they barely budged.
And when Cramer factor's those catalysts into share price, his result equals a pretty nice bargain at $36.
"First of all, management said that next year they're increasing their rig count in the Bakken and the Eagle Ford by 20%, and they're doubling their rig count in Oklahoma's Woodford shale, " Cramer noted.
All of these areas are places that hold vast untapped energy reserves that Cramer believes will transform not only the industry but the nation. In other words, the new rigs are in the right place at the perfect time.
"Second, Marathon told us that it plans to sell off its cash cow North Sea assets off the coasts of the UK and Norway in order to raise cash and simplify their holdings," Cramer added
The Mad Money host believes the Street will also view the sale as bullish.
"And third, the company announced a massive increase in its buyback, raising the repurchase authorization from $1 billion to $2.5 billion—that's equal to 10% of the market cap here, a serious buyback that could be very meaningful to the stock."
That speaks for itself.
And, "The stock is selling for just 11.8 times next year's earnings estimates with a 10% growth rate," Cramer added.
Yet, despite the tailwinds shares of Marathon closely flat. In fact shares are trading at the same levels as a month ago.
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Cramer thinks the price action is simply due to broad fears about Fed tapering as well as profit taking.
Therefore, Cramer thinks bargain hunters could have a deal on their hands. "I think Marathon may be very undervalued," he said.
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