Cramer: Range Resources (RRC) "Should Never Have Gotten This Cheap"

June 13, 2008 8:27 AM EDT

On last night's Mad Money, Cramer highlighted a stock that he says "should never have gotten this cheap", Range Resources (NYSE: RRC).

Sticking with his "wildcatters" week-long theme, Cramer picked Range Resources as he believes the stock has been "overlooked". Down about 16% from a recent high at $76.81, Cramer believes this could be a perfect time for viewers to invest in Range Resources and "play catch-up with the rest of the wildcatters."

Getting a little more technical, Cramer said he likes Range Resources because it:

• has 2.2 trillion cubic feet of reserves
  
• has the potential to pump another 16-21 trillion cubic feet from its Marcellus Shale site
  
• has diversified its portfolio by spreading its drilling sites across several oil shale fields
  
• spends only about $1.89 per million cubic feet, versus the industry average of $3
  
• recently raised its earnings guidance from 15% to 19%, and also said it has plans to double the amount of operating rigs by next year and
  
• recently offered stock at $66.38, which will help fund more land acquisitions within the Marcellus Shale

Cramer Effect: in play; the President of Cramerica's tout has boosted shares of Range Resources this morning about $1.50, or 2.4%, to $65.51 after closing yesterday at $64.04.

Range Resources Corporation, an independent oil and gas company, engages in the exploration, development, and acquisition of oil and gas properties primarily in the southwestern, Appalachian, and Gulf Coast regions of the United States.

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