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Cramer's Morning Take: Energy Stocks 4/2/24

Jim and Jeff discuss why investors should be in Coterra Energy. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake
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Duration:
4m
Broadcast on:
02 Apr 2024
Audio Format:
mp3

Jim and Jeff discuss why investors should be in Coterra Energy. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake  

CNBC Investing Club Disclaimer

On April 3, Disney will be hosting its annual meeting of shareholders, and Disney encourages you all to vote for Disney's nominees. Voting is easy. You can vote electronically or by good old-fashioned mail. All electronic votes have to be submitted in a later than April 2, 2024. Learn more at VoteDisney.com. I'm Jim Kramer, and you're about to hear a sample taken directly from today's CBC Investing Club morning meeting. We've been saying it's going to happen. We have been raising cash. We knew that the market was over, but we communicated to you that we didn't think it was right to commit new positions and new money. And Jeff, sadly, that is what happens. But we should all expect sell-offs after a bountiful period that started at the end of October. Yeah, and this came up as a question last Wednesday on our monthly call. You talked about it Wednesday night on Mad Money as well. That, you know, it's typical for the market to have, you know, pullbacks have called it 5% multiple times a year. Now, I don't know if this-- Remember, we had those numbers, and yeah, it should happen. Right, and I don't know if this is going to transpire until 5% pullback. I'm just talking that it's plausible, it happens, it feels horrible as you go through them, but they can turn out to be a nice buying opportunity. So, as you pointed out, we have raised some cash, you know, yesterday we made some big sales, Disney alphabet. So we're just being a little bit patient here. Right. I mean, I told Jeff this morning, you just give me a little color. I said, you know what, if Best Buy comes in here, that would be a natural for us. Sure. So it's not like we're just ignoring the self and looking at the bargain-- not looking at bargain hunting. We are directly looking at bargains, but we also know that we've hardly been down. So it's not like this is the moment where we have to act, and we're not really oversold at all. No, no, no, not quite. We did move a little bit over out of overball territory, yes, but-- I think what's hitting the market here, you have pressure from rates, right? You have the 10-year yield, high-level since November, and that's when the rally really started to take off last October, last November. Correct. And you have oil as well back to its high-level since October. So a lot of-- But Qatar are not there, and Qatar should be just pitting. I know that they pivoted away from natural gas toward oil. C-T-R-A is the right stock to own here, so I don't even up. Yeah. And Pioneer's up big, and Exxon's up big. This company is the one to own. What was a good call by them to make that shift? Oil a lot more economical at these prices versus natural gas, which there'll be a time again once after everyone pulls back spending and prices. Right now it's minus 50 cents in Waja, which is the western part. So you know there's too much not to get. There's not enough takeout. You can't get-- there's not enough pipe from Westerns. Start your day with my outlook on the daily market every morning at 10.20am. Visit cmbc.com/warningtake to access all the benefits of being a CMBC Investing Club member. All opinions expressed by Jim Kramer on this podcast and in connection with the CNBC Investing Club are solely Kramer's opinions and do not reflect the opinions of CNBC, NBC, Universal, or their parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, internet, or another medium. No specific outcome or profit is guaranteed in connection with your reliance upon or other use of the content from Kramer. The opinions offered in connection with this podcast and the CNBC Investing Club are not an attempt to induce any particular trading behavior, investment, or strategy. You should be aware of the risk of loss in following any strategy or investment discussed in the content from Kramer. To view the full CNBC Investing Club disclaimer, please visit cmbc.com/investingclubdisclaimer. For more information on the news, visit pajim.com/investment.com/investment. For more information on the news, visit cmbc.com/investingclubis.com/investingclubis.com.com. For more information on the news, visit cmbc.com/investingclubis.com. For more information on the news, visit cmbc.com/investingclubis.com. For more information on the news, visit cmbc.com/investingclubis.com. For more information on the news, visit cmbc.com/investingclubis.com. (upbeat music)