Since the beginning of the fourth quarter, Jim Cramer has seen that some of the most hated groups in the stock market have suddenly become the most loved. This was especially the case with the oil complex, and with Monday's price of crude on the decline, this could be a fantastic entry point for the group.

"I think this move could be far from over, but the energy sector remains a very tricky space," the "Mad Money" host said. (Tweet this)

That was why Cramer decided to dig in and find a few energy stocks that offer lower risk and high-quality names, letting investors sleep at night. Cramer's favorite pipeline play at the moment is Energy Transfer Partners, the master limited partnership subsidiary of Energy Transfer Equity.

Cramer likes this stock not only because it has a whopping 9 percent yield, but also because he thinks it is tremendously undervalued. Energy Transfer was crushed this year by lower oil and natural gas prices, fears of the Federal Reserve raising rates and the third quarter sell-off driven by damaged hedge funds with too much energy exposure.

But now that oil has rebounded to $48 a barrel and the Fed is on hold for the moment, Cramer thinks Energy Transfer Partners will fly higher.

The major reason why Cramer owns this stock in his charitable trust is because two weeks ago, investors learned that Energy Transfer Equity, ETP's parent company and general partner, would acquire pipeline titan Williams for $38 billion. This deal would create the third largest energy conglomerate in the U.S.

"I think it is so transformative for the whole Energy Transfer family, both the general partner ETE and the master limited partnership, that I want you to own ETP," Cramer said.

Cramer's view on the deal was heavily shaped by the analysis of RBN Energy, as he found their take on the transaction to be brilliant.

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For those worried about owning a master limited partnership, Cramer explained that ETP is a pipeline company, along with Williams. That means the company acts like a toll road for energy, taking a cut based on the volume of gas transported rather than having as much direct exposure to commodity prices.

"I think Energy Transfer Partners is a must-own energy stock in the wake of this Williams acquisition," Cramer. (Tweet this)

In Cramer's opinion, he thinks the stock should yield no more than 8 percent, which translates into a $55 a share price. That is nearly $10 above where it traded on Monday, and he considers that target to be conservative.

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