Our lone energy stock is not getting the credit for 2 things it did well this quarter

Posted By: EN Todayon: February 23, 2024In: General Energy News

Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. 1. Wall Street remained on track for a winning week. The S & P 500 briefly topped 5,100 for the first time ever Friday. Bowing to reality, Goldman Sachs pushed out its Fed interest rate cut forecast this year — now seeing June as the beginning and only four cuts instead of five for all of 2024. Nvidia briefly topped a $2 trillion market cap, one day after its earnings-driven surge. That milestone “freaks people out,” Jim Cramer said Friday. But he said Nvidia’s moves are warranted. 2. Coterra Energy slightly missed earnings expectations Thursday evening but delivered where it matters most : free cash flow. The Club name also showed how flexible it can be with its oil and natural gas portfolio. It reduced capital expenditures in the Marcellus Shale to $375 million from $834 million last year due to low natural gas prices. It’s now reallocating a couple hundred million dollars of that spend to the Permian and Anadarko basins, which are more liquid-rich. The stock was not getting enough credit for that pivot. 3. Piper Sandler raised its Foot Locker price target to $37 a share from $35 a share and reiterated its buy-equivalent rating on the stock. These are the brave analysts who upgraded Foot locker in December when the stock was at $28 apiece. The reason for the current PT bump: They think markdowns will continue to taper off, and Foot Locker will be getting more and more full price, which should boost margins. We’re in this stock as a turnaround story. It’s taking longer than we thought but appears to be on the right track. (Jim Cramer’s Charitable Trust is long NVDA, CTRA, FL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.