Jim Cramer Says “If You’re Doing Offshore Drilling, Just Go Buy Chevron”

Chevron Corporation (NYSE:CVX) is among Jim Cramer’s recent stock calls as he urged investors to stand by the defense sector. Inquiring about the stock, a caller asked if the market is in the early innings of another offshore drilling supercycle. Cramer replied:

No, I don’t think we are. If you’re doing offshore drilling, just go buy Chevron because no one drills offshore like Mike Wirth. And I know that’s the oil company, not the driller. You’d say, well, maybe you should be in Schlumberger. I say, just go be with Mike Wirth.

Photo by Luis Ramirez on Unsplash

Chevron Corporation (NYSE:CVX) is an integrated energy company that explores, produces, refines, and markets oil, natural gas, and petrochemical products. When a caller inquired about the stock during the March 6 episode, Cramer replied:

Let me go to work on this… Because I gotta tell you something, you did hit the key stock in this entire market, and that is Chevron. Why? Because Michael Wirth is the best at what he does. You got Mike Wirth at the helm, you got the best assets, you got a great yield, you got a rock-solid balance sheet. But you now have a high stock price. This has just had a parabolic move… and what do you do with a parabolic move? You either sell half or sell a quarter, and that’s what you’re going to do Monday. That is not a criticism of Mike and Chevron; it’s what I always advise, and it’s almost always right. Sell half or a quarter. The stock has moved too high, too quickly.

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