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With oil prices down, investors should look for stocks that are too cheap compared with others in their sector, Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

To this end,

Gardner Denver

(GDI) - Get Report

is a smart play.

Gardner Denver makes compressors, blowers, and vacuum pumps that aid oil companies in cleaning wells before drilling. The parts Gardner Denver makes can also be used to clean up industrial waste, so it isn't a pure oil play but ought to benefit when oil prices rebound.

Compared with similar stocks such as

Baker Hughes

(BHI)

,

National Oilwell Varco

(NOV) - Get Report

and

Schlumberger

(SLB) - Get Report

, Gardner Denver's multiple is too low.

"We're in a huge period of capital expenditure for companies that need to get oil," Cramer said. When oil prices go up, Gardner Denver's stock should rise. Additionally, the company generates 50% of revenue from sales outside of America, meaning it's not entirely dependent on the American consumer.

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"Earnings estimates that are too low breed higher stock prices," Cramer said. Because a large proportion of its international earnings come from the European Union, Gardner Denver makes money abroad that will convert to dollars at an incredibly generous rate. A top-tier company in all the markets it serves based on market share, Gardner Denver is a good buy, Cramer said.

In the News

Cramer took a moment to look at two pieces of this afternoon's news. If

General Motors'

(GM) - Get Report

labor deal is approved and Warren Buffett takes a stake in

Bear Stearns

( BSC), Cramer said the

Dow

should reach 14,548, as he has predicted.

The second oil-sector play Cramer recommended was with Canadian energy trusts. Thanks to the Canadian government's recent decision to tax these companies, there has been a selloff of Canadian energy stocks. Those taxes hurt the companies' stocks, but they the oil fields they control, Cramer said.

Foreign companies are starting to buy the Canadian energy trusts. Abu Dhabi National Energy Co. bought Canada's

PrimeWest

(PWI)

at a huge premium of 33%.

Cramer noted out six stocks that are in a similar position to Primewest:

Canetic Resources

( CNE),

Pengrowth

(PGH)

,

Baytex Energy

(BTE) - Get Report

,

Provident Energy Trust

( PVX),

Penn West

(PWE)

and

Advantage Energy Income Fund

(AAV)

.

Cramer stacked these six stocks against the Primewest takeover, concluding that Baytex has the largest upside at 47% from its current quote.

The Abu Dhabi deal means that Arab companies are betting that natural gas is undervalued, and Cramer assured viewers that there will be many more acquisitions in the Canadian energy trust space.

Genesis Lease CEO Speaks

Cramer welcomed John McMahon, CEO of

Genesis Lease

( GLS), back to the show, asking what it means to investors that Genesis bought planes after the markets closed today. McMahon replied that the expenditure of $380 million in additional aircraft increases Genesis' base rental by 30%. He said that analysts should raise their prices and that the stock's dividend "just got a lot safer."

Cramer recommended Genesis at $23 a share.

'Sudden Death'

During his "Sudden Death" segment, Cramer was bullish on

Life Partners Holdings

(LPHI) - Get Report

and

Danaher

(DHR) - Get Report

.

'Am I Diversified?'

In his "Am I Diversified" round, Cramer's first caller asked if he was diversified with the five following stocks:

Altria

(MO) - Get Report

,

LabCorp

(LH) - Get Report

,

Exxon Mobil

(XOM) - Get Report

,

Hologic

(HOLX) - Get Report

and

Nabors

(NBR) - Get Report

.

Cramer said that Nabors overlaps with Exxon: "I cannot bless this." He recommended that the caller part with Laboratory Holdings and Nabors and pick up a defense stock and a diversified industrial, perhaps

Caterpillar

(CAT) - Get Report

, which he owns for his charitable trust,

Action Alerts PLUS.

Cramer's next caller asked about

NYSE Euronext

(NYX)

,

Chicago Bridge and Iron

(CBI)

,

Apple

(AAPL) - Get Report

,

B/E Aerospace

(BEAV)

and

Level 3

(LVLT)

.

Cramer said that NYSE, which he has in his charitable trust, is the worst-performing stock of the best-run company he knows. He recommended the caller get rid of NYSE.

Cramer's third caller asked about

Bank of America

(BAC) - Get Report

,

Southern Copper

( PCU), Pfizer

(PFE) - Get Report

,

Enterprise Products Partners

(EPD) - Get Report

and

Eagle Bulk Shipping

(EGLE) - Get Report

.

Cramer instructed the caller to "get out of Pfizer," but that otherwise the portfolio was well diversified.

Lightning Round

Cramer was bullish on

Excel Maritime

(EXM)

,

Companhia Vale do Rio Doce

(RIO) - Get Report

,

Range Resources

(RRC) - Get Report

,

Quicksilver Resources

(KWK)

,

Rosetta Resources

(ROSE) - Get Report

,

XTO Energy

( XTO) and

Celgene

(CELG) - Get Report

.

Cramer was bearish on

Navteq

(NVT) - Get Report

,

Garmin

(GRMN) - Get Report

,

Urban Outfitters

(URBN) - Get Report

,

Western Union

(WU) - Get Report

,

Nastech

( NSTK),

Citigroup

(C) - Get Report

and

Sears

(SHLD)

.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.

For more of Cramer's insights during the Lightning Round, click here

.

At the time of publication, Cramer was long Caterpillar, NYSE Euronext, Sears Holdings and XTO Energy.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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