Why Navigator Holdings Is Trading Higher On Wednesday (Hint: It's Jim Cramer)
Shares of Navigator Holdings Ltd (NYSE: NVGS) were trading higher by more than 11 percent on Wednesday. The move is attributed to positive commentary issued by CNBC's Jim Cramer during Tuesday's 'Mad Money.'
Cramer suggested that investors may have been wrong in selling shares of Navigator Holdings, a shipper of natural gas.
Shares of Navigator Holdings have fallen more than 40 percent as a result of investor fears of slumping oil prices.
"This is nothing more than lazy, slopping thinking," Cramer said. "The reality is that Navigator Holdings has very little to do with oil prices, but investors get spooked out of the stock because they fail to understand that the value of the company's ships is simply not correlated with energy prices."
Cramer also stated that shares should be considered to be a great bargain at current prices.
Shares traded recently at $19.34, up 8 percent.
Image credit: Tulane Public Relations, Flickr.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.