Jim Cramer's oil company recommendations

PARAGRAPH 1 --- What happened: Jim Cramer, host of CNBC's Mad Money, recently provided bullish recommendations on EQT and Devon Energy, favoring them over Transocean. He advised against adding more Transocean shares, stating he likes EQT and Devon for natural gas exposure. Cramer also returned to a bullish stance on Diamondback Energy (FANG), recommending it as oil prices touched $96. However, he was neutral on BP, preferring Chevron over it.

PARAGRAPH 2 --- Market impact: Cramer's endorsements drove interest in EQT and Devon, reflecting a rotation into defensive sectors like natural gas. This shift could benefit other natural gas producers. Meanwhile, Diamondback Energy saw renewed interest due to Cramer's bullish stance and rising oil prices. BP, however, faced indifference from Cramer, which might impact its valuation relative to peers like Chevron.

PARAGRAPH 3 --- What to watch next: Investors should monitor EQT's and Devon's earnings releases (EQT: 5/4, Devon: 5/5) for updates on their operational performance and guidance. Additionally, keep an eye on oil and natural gas prices, as their movements could influence the trajectory of these stocks.