Looking For a Defensive Stock?

"You have to play some defense, especially during this ugly sell-off we’re having," Cramer said Wednesday. "Everybody should own something defensive all the time, so on nasty down days like this one, you won’t lose as much money."

For those looking for a defensive stock, Cramer suggests Dominion Resources . The Richmond, Va.-based company has a booming natural gas pipeline and storage business, Cramer said. Its stock sports a 4.2 percent dividend yield, which management hopes to boost by 7.5 percent annually over the next two years.

Cramer said Dominion wasn't always the "safe haven" it is today, though. In 2006, 60 percent of its earnings came from its oil and gas business, making it a top North American producer. It proved to be a very volatile business, Cramer said, at least in comparison to its power plant operations. Between the two business segments, Cramer said investors were unsure of Dominion's true focus.

Before long, management decided to sell Dominion's oil and gas assets. It worked to become a dominant utility across the Midwest, Mid-Atlantic and Northeast regions, where 40 percent of the U.S.'s energy is consumed. The company kept its natural gas gathering, pipeline and storage assets, which Cramer said is a smart move. He thinks transportation is one of the only ways to make money off nat gas right now.

So what's ahead for this utility? To find out, Cramer spoke with CEO Thomas Farrell. Watch the video to see the full interview.

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