CNBC’s Jim Cramer gave investors his blessing on Wednesday to buy shares Sustainable Infrastructure in Atlantic.
“Atlantica is a real company that sells real things at a profit and returns those profits to shareholders, while still owning relatively cheap stock. It is exactly what we like in this high inflation environment where [Federal Reserve] Puts the brakes on the economy,” The “mad money‘ said the host.
Rising inflation and the Russian invasion of Ukraine have put pressure on global supplies of goods, including oil, driving up prices for barrels and gas at pumps. Cramer noted that high-quality alternative energy companies are benefiting from skyrocketing prices.
Shares of the sustainable infrastructure company closed at $32.15 on Wednesday, off a 52-week high of $41.32.
“The fact that you can buy Atlantica for less than about ten bucks off its peak is a gift. This is a good and solid business with strong renewable energy production growth over the past three years, including a big jump in 2021,” Kramer said.
He added that Atlantica had strong results last quarter, reporting revenue growth of 7%, and a dividend yield of 5.5%. “They’re distributing a huge amount of change to their shareholders,” Kramer said.
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