Jim Cramer’s Latest Stock Picks

6. Coterra Energy Inc. (NYSE:CTRA)

Number of Hedge Fund Holders: 48

Cramer was asked about Coterra Energy Inc. (NYSE:CTRA) during the lightning round and he enthusiastically said:

“… It’s the one I feel the most confident in. Why? Because it’s half oil, half nat-gas. And it’s a low-cost producer of oil, it’s the lowest-cost producer in the world [of] nat-gas. It can make money even at these levels. Tom Jorden is money. I think you buy the stock. I can’t believe that it’s still independent.”

Coterra Energy (NYSE:CTRA) is an independent oil and gas company that focuses on the exploration, development, and production of oil, natural gas, and natural gas liquids across the United States. CEO Tom Jorden expressed the company’s commitment to diversification and mentioned that it aims to operate in multiple basins and generate varied revenue streams during an OGInterview in June.

Jorden discussed this approach, emphasizing that while it may be tempting to concentrate on a single commodity, the company recognizes the unpredictability of the market. Instead, the company has opted for a strategy that balances its investments between oil and gas while keeping supply costs low.

In the second quarter, Coterra Energy (NYSE:CTRA) reported total equivalent production of 669 thousand barrels of oil equivalent per day, surpassing its initial guidance range of 625 to 655 thousand barrels. It was because of improved cycle times and strong well performance across all operational regions. Additionally, the company adjusted its production guidance for the full year 2024, raising the estimate for total BOE production by 1% and for oil production by 2.4% compared to earlier projections made in May.