This article presents an overview of Jim Cramer is Recommending These 5 Stocks Heading Into May 2024. For a detailed overview of such stocks, read our article, Jim Cramer is Recommending These 10 Stocks Heading Into May 2024.
5. Diamondback Energy Inc (NASDAQ:FANG)
Number of Hedge Fund Investors: 42
When asked about Diamond Black Energy, Cramer said:
“Oh, it’s so good, I should have mentioned that along with Corterra.”
Cramer hit the “buy, buy, buy” button on the stock and said Diamond Black shares are “great.”
Diamond Hill Select Strategy stated the following regarding Diamondback Energy, Inc. (NASDAQ:FANG) in its fourth quarter 2023 investor letter:
“Also among our bottom contributors (though its share price advanced in Q4) was new holding Diamondback Energy, Inc. (NASDAQ:FANG), which is a scaled, low-cost operator in the Permian Basin, one of the most prolific shale basins in the US. The company is focused on cost-efficiency, and management is aligned with shareholders as it focuses on prudent and sustainable management of the company’s assets.
Though shares were pressured in Q4 as oil prices globally declined amid a high-production environment, we believe the company is well-positioned for free cash-flow generation over the long term. We capitalized on Q4’s share-price weakness to initiate a position in a high-quality operator at a meaningful discount to our estimate of long-term intrinsic value.”
4. Palantir Technologies Inc (NYSE:PLTR)
Number of Hedge Fund Investors: 44
Jim Cramer in a latest program on CNBC said he likes Palantir. However, he complained the company has become “uncommunicative” for him.
“That doesn’t bias me. I am a fine man, I am a good man. But I wish they’d come on because I do like the stock.”
Carillon Scout Mid Cap Fund stated the following regarding Palantir Technologies Inc. (NYSE:PLTR) in its fourth quarter 2023 investor letter:
“Second was another technology stock, Palantir Technologies Inc. (NYSE:PLTR), which rallied earlier in the quarter before pulling back. Sentiment remains positive on Palantir as it has successfully rolled out a new marketing effort called “boot camps” where customers can demo the company’s new artificial intelligence platform (AIP) product. These events have been popular with potential clients, and in many cases it has been reported that customers can develop an artificial intelligence use case in just a few hours. The stock rallied as some expected this successful marketing effort could translate into faster revenue growth. Palantir also landed the coveted National Health Services account in the UK, long rumored, but the delay in the award had weighed on investor sentiment.”
3. Cheniere Energy Inc (NYSE:LNG)
Number of Hedge Fund Investors: 64
A caller asked Jim Cramer about his approval for buying Cheniere. Cramer gave his “blessing” to the caller for Cheniere and said he believes because the President has decided to “put hold on things for others, this guy is a winner.”
“So, let’s buy it.”
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Cheniere Energy, Inc. (NYSE:LNG) in its fourth quarter 2023 investor letter:
“We often see the ebb and flow of the Energy sector tied to underlying commodity prices. In this area, we seek low-cost exploration & production companies with high-yielding acreage or specialized service providers. Cheniere Energy, Inc. (NYSE:LNG) operates liquefied natural gas terminals in Louisiana and Texas. Third quarter results were solid with lower than anticipated levels of expected capital expenditures, and management maintained full year guidance. Its shares edged forward by 3% on this report.”
2. Broadcom Inc (NASDAQ:AVGO)
Number of Hedge Fund Investors: 91
A caller recently complained about Broadcom Inc (NASDAQ:AVGO) declines and asked Jim Cramer about his thoughts on this matter.
Cramer hit the buy, buy, buy button on the stock and said:
“Oh my god! It’s ridiculous that it’s going down. I mean, Jesus.. Broadcom is on fire.”
Oppenheimer recently added Broadcom in its list of semiconductor top picks ahead of the latest earnings season.
1. Progressive Corp (NYSE:PGR)
Number of Hedge Fund Investors: 79
Jim Cramer was recently asked about insurance company Travelers Companies. He said the stock sees ups and downs and recommended Progressive.
“If you want insurance business I am gonna say you buy Progressive. I think Progressive is better.”
Madison Investors Fund stated the following regarding The Progressive Corporation (NYSE:PGR) in its first quarter 2024 investor letter:
“Two of our insurers, Arch Capital and The Progressive Corporation (NYSE:PGR), were also large contributors during the quarter. While they participate in different areas of the insurance market, with Arch generally focused on commercial lines and Progressive on personal lines, they both are benefiting from attractive market conditions, which has boosted underwriting profits. Also, investment income should continue to rise as they roll over the fixed income portfolios at more favorable coupon rates.”
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