NEW YORK (TheStreet) -- It's hard to believe but shares of EOG Resources (EOG) are nearly 3% higher Tuesday and up 4.3% on the year, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment, one of the few doing well despite the declining oil prices that have hit others hard.
Hess (HES) is more typical, its shares down 19% on the year although up over 3% today. Both stocks were downgraded to hold from buy on Tuesday by Morgan Stanley.
Hess is down 34% since mid-September, so the timing of the downgrade is somewhat questionable, Cramer said. EOG has a lot more production growth than Hess, which is why the stock has performed better, despite being well off its 52-week high of $118.89, he added.
Occidental Petroleum (OXY) is another stock with further downside, Cramer warned. People tend to forget just how low oil prices can go, even as the commodity dropped below $35 per barrel as recently as 2009.
Many of these oil companies will continue lower, but Cramer said even these will eventually get a bounce when producers get "some discipline" and curb production, Cramer concluded.
-- Written by Bret Kenwell