As one of the more outspoken and vociferous business analysts, CNBC’s Jim Cramer included two Oklahoma energy stocks on his most recent investors lift of five high-yielding stocks.
He said Devon Energy and ONEOK should be on “their shopping lists.”
Here is his list:
On Wednesday, Devon Energy had a gain of 6.91% or $3.88 and settled at $60.05 per share.
ONEOK settled up $1.96 or 3.84% at $52.94.
The two-year Treasury has surged as of late to around 4.3%, which is a sign that the Federal Reserve will continue to raise interest rates aggressively and increase the likelihood of a recession, according to Cramer.
This has made some stocks “accidental high-yielders,” and now is the time to buy them, he added. “You want to take shelter in the accidental high-yielders because their dividends will give you a cushion.”
To come up with his top picks, Cramer first ran a screen on the S&P 500 to find stocks that are down 30% or more from their respective 52-week highs and yield 4% or more. From the over 50 stocks that fit the requirements, the stocks in the list were his favorite.
“They might have more downside here, but I recommend you start buying them here and gradually build a position,” he said.
Source: CNBC