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Jim Cramer is bullish on Total (TOT - Get Report), "one of the worst-performing oil stocks out there," because of the company's new attitude toward growth, he said Thursday on his "Mad Money" TV show.
The company, which is headquartered in France, is now so committed to growth, it plans to build a nuclear power plant in Alberta, Canada, just to mine and refine its oil sands there.It's very expensive to extract oil from oil sands, and it only makes sense when oil is above $40 a barrel, said Cramer. But, "that's where we are, and that's where we're staying" -- Total plans to capitalize on it, he said. With its stock ending the regular session Thursday at $134.42, Total is "undervalued," said Cramer, and it deserves to be up double the 30% gain it has seen this year. Cramer sees Total going to $150 and "maybe a whole lot further." He also mentioned that he liked ConocoPhillips (COP - Get Report), Petro-Canada (PCZ), which also has oil sands, and EnCana (ECA - Get Report), which has coal-bed methane. Cramer recommended doing a 'mon back* on oil and gas stocks if they go down post Hurricane Rita.