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Cramer Steps Up To The Plate With A New Purchase--El Paso (EP)
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Yesterday, Jim Cramer began buying up natural gas player, El Paso (NYSE: EP). Jim thinks it's undervalued and really likes EP's natural gas exposure. Jim said he'll continue to buy El Paso on weakness for his ActionAlertsPlus.com charitable trust.
As most Mad Money viewers know, Jim's favorite commodity is natural gas, so buying El Paso is a great way to add exposure to this commodity. El Paso explores, extracts and transports natural gas through its pipeline, mainly in the U.S.
After this past quarter's conference call, El Paso gave '08 earnings guidance of $1 to $1.10. However, this guidance is based on much lower natural gas price levels and given the move to the upside in the commodity, Cramer thinks El Paso will exceed earnings estimates.
To sum up, Jim thinks El Paso's earnings estimates are very conservative, the stock is the cheapest in the group and he plans to continue to buy El Paso on stock weakness.
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