What a good stock looks like
What can a real oil company do? It can earn money.
Can we stipulate that this is a ridiculous market? Our payroll numbers weren't so strong as to warrant such a rally. The Europeans are doing nothing. China is hopium.
But it doesn't matter. The signals are all clear even for stuff of which it shouldn't be all clear.
Except for EOG (EOG). When it comes down to it, after these conference calls, only one company has been able to turn itself into an oil company from a natural gas company, and that's EOG. It is getting its due.
Don't get me wrong. The natural gas companies that are going oil are too cheap. The charitable trust bought Devon (DVN), which is ridiculously cheap, even stupidly so.
But EOG is much, much further along and is going for being a full-fledged oil player with the best Bakken and Eagleford properties. He's got monster finds.
The amazing thing about the journey of EOG is that it wasn't from natural gas to natural gas liquids, although it doesn't mind those. It's natural gas to oil. The other guys are taking the interim step, and it is killing them.
It's good to see what a real oil company can do. It can coin money. No wonder we are getting this fabulous move helped by higher oil prices.
And I don't think it's done, although I will say the third-day move in EOG, after Monday, has usually been a better entry point when it spikes like this.
Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and is long DVN.
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