Canadian energy producers also have fallen sharply, including oil-sands operators like Suncor (SU) and Canadian Natural Resources (CNQ).

Canadian energy producers also have fallen sharply, including oil-sands operators like Suncor (SU) and Canadian Natural Resources (CNQ).

energy play

Canadian Natural Resources ()

On a recent Mad Money show, Cramer recommended Canadian Natural Resources (CNQ), the second largest oil and natural gas producer in Canada.

Cramer believes that CNQ has been penalized as a result of the company's Horizon oil shale project, where cost overruns and delays have translated into a weak stock price. When this project finally gets going it has the capacity to produce up to 110,000 barrels of oil a day.

"This is huge," said Cramer, who again pointed out that investors are missing the bigger picture and huge opportunity due to the flurry of negative media reports.

CNQ's current oil production is only 609,000 barrels of oil a day. And the company is estimated to have up to 3.6 billion cubic feet of potential reserves.

Cramer said he thinks CNQ could become the next Apache (APA) or Anadarko (APC). The stock has a PE of 13 and Cramer feels it should trade at a premium to the industry wide PE of 14.

This is definitely a stock that deserves some attention.

On a recent Mad Money show, Cramer recommended Canadian Natural Resources (CNQ), the second largest oil and natural gas producer in Canada.

Cramer believes that CNQ has been penalized as a result of the company's Horizon oil shale project, where cost overruns and delays have translated into a weak stock price. When this project finally gets going it has the capacity to produce up to 110,000 barrels of oil a day.

"This is huge," said Cramer, who again pointed out that investors are missing the bigger picture and huge opportunity due to the flurry of negative media reports.

CNQ's current oil production is only 609,000 barrels of oil a day. And the company is estimated to have up to 3.6 billion cubic feet of potential reserves.

Cramer said he thinks CNQ could become the next Apache (APA) or Anadarko (APC). The stock has a PE of 13 and Cramer feels it should trade at a premium to the industry wide PE of 14.

This is definitely a stock that deserves some attention.

Canada Sands Baby!!!

Energy stocks remain at the top of Bay Resource's shopping list. Calgary-based Canadian Natural Resources (CNQ) heads that list. "Canadian Natural has gone from a start-up company to Canada's second-largest producer of oil and gas in just short of two decades," says Claugus. Production per share has grown 10%, while cash flow has grown 25% a year in the past five years. Management owns about 1.6 billion Canadian dollars (US $1.6 billion) of stock, dwarfing the commitments made by other independent producers, he says. At $70, the shares are trading well below the hedge fund's target price of 100, based on a multiple of 16 or more times 2009 earnings of $6 a share.

Cramer said these purchases confirm his bull market theses in mining and minerals, agriculture, oil, and international markets and recommended taking a look into all of these names.

test 1