CNBC’s Jim Cramer on Wednesday blessed investors to buy shares in Atlantica Sustainable Infrastructure.
“Atlantica is a real company that sells real things at a profit and returns those profits to shareholders, while still having relatively cheap shares. This is exactly what we like in a high inflation environment when [Federal Reserve] slows down the economy.” – said the host of “Mad Money”.
Soaring inflation and Russia’s invasion of Ukraine put pressure on the global supply of commodities, including oil, pushing up the price of barrels and gas at gas stations. Cramer noted that companies producing high-quality alternative energy are benefiting from skyrocketing prices.
Shares of the sustainable infrastructure company closed Wednesday at $32.15, well below a 52-week high of $41.32.
“The fact that you can buy Atlantica for almost ten dollars less than at its peak is a gift. It’s a good, solid business with strong growth in renewable energy production over the last three years, including a big jump in 2021.” Kremer said.
He added that Atlantica performed well in the most recent quarter, reporting like-for-like revenue growth of 7% and a dividend yield of 5.5%. “They distribute a huge portion of the change to their shareholders” Kremer said.
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Denial of responsibility