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After speaking with CEO Dave Lesar and parsing through earnings, Jim Cramer couldn't be more excited about Halliburton.
The "Mad Money" host believes the better than expected numbers combined with proprietary comments made by Lesar on Mad Money confirm that the domestic oil and gas renaissance in the United States is a powerful theme that should generate prosperity for quite some time to come.
"We're feeling a great market coming at us in North America," said Lesar. "Not only will it be a great market for the US, a job creator and wonderful for the US economy but it's also great news for Halliburton. It allows us to spend money here in the US and earn more money and return more cash to shareholders."
It appears those comments aren't just optimistic rhetoric from a CEO. Earnings released earlier in the week show " by a penny off of a 72-cent basis, with significantly higher than expected revenues that rose 5.4% year over year, " Cramer said.
As impressive as those numbers may be, wowed Cramer even more.
The company forecast a 25 percent jump in earnings in the current quarter with margins in North America expanding over the year due to increased activity across the region in the second half of the year and service-intensive drilling in the United States.
"Also, there had been too much capacity in some of HAL's main businesses, like pressure pumping, but now management sees that capacity tightening at a faster than expected rate," Cramer explained.
"All of this should lead to higher revenues and wider margins," he added.
Those metrics, alone, are enough to jazz a fundamental investor like Jim Cramer. But, after digging down into the release, he said there was even more to like.
"Based on HAL's conference call, it's looking like pricing in their domestic fracking business is about to get very strong. Also, they've won new contracts in Mexico which should be lucrative," he said.
And, on top of all that, Cramer believes the company's buyback, currently underway, is another bullish catalyst.
All told, "this stock has a lot going for it," Cramer said.
Read more from Mad Money with Jim Cramer
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5 Cramer stocks for wallets of every size
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If you're looking to leverage the renaissance underway in domestic oil and gas, Cramer thinks Halliburton deserves your undivided attention. "I believe developments underway in the sector are significant and Halliburton is one of my favorite ways to play the blossoming theme."
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