Drilling For Oil ... and Profits

In this treacherous market, it’s important to mobilize around the few themes that work almost no matter what, Cramer said on Wednesday’s Mad Money.

One of those themes is oil. The world is running out of it and the big oil companies are scrambling to drill more to keep up production. That’s why FMC Tech is Cramer’s new way to play oil – or the lack thereof.

The company makes equipment for subseas oil wells. They’re called Christmas Trees –machines that go on top of underwater oil wells after drilling is completed that regulate the flow of oil and gas and inject the chemicals and other materials needed to keep wells functioning. Every well needs one and FMC is the world’s largest maker of them, controlling about 40% of the market.

For some downside protection – an absolute necessity in this market – FMC has a huge buyback authorization for 11% of shares outstanding. It’s also cheap, trading at 22 times earnings with a 24% growth rate.

Oil is one of the few safe havens going right now. And as the search for black gold intensifies around the world, Cramer thinks FMC Tech will be one of the first to profit.

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