Cramer is a Buyer of Quanta (PWR) Under $29

On last night's Mad Money, Jim Cramer added a stock to his Mad Money Wind-Ex Index, which he created on May 28 in order to give viewers of his CNBC show wind power stocks that he believes are attractive. Cramer added Quanta Services (NYSE: PWR) to the index, saying he would be a buyer of the stock under $29.

The addition comes ahead of an important Texas Public Utility Commission ruling on Thursday. The Commission is expected to address the creation of eight renewable energy zones in Texas, which, according to Cramer, would connect many remote wind farms to the existing energy grid. Jim estimates that this proposed initiative could provide $3-$9 billion in funding for new infrastructure investments. Cramer believes the ruling could cause other states to seek similar proposals, possibly boosting the entire wind power industry.

Quanta, which Cramer owns for his charitable trust, Action Alerts PLUS, focuses on building and maintaining energy infrastructure. Cramer notes that besides electricity, which accounts for about 60% of its business, Quanta has 17% of its revs coming from natural gas services, as well as another 17% from telecom and cable services.

Lastly, the President of Cramerica points out that while Quanta is about a $5 billion market cap company, it currently has about $5.2 billion in its backlog. Jim says that anytime a company's backlog is more than its market cap, "it's worth a look."

Cramer's tout has caused shares of Quanta to gap higher by nearly 7% this morning. The stock is currently trading around $31.77, up $2.75, or 9.5%, from yesterday's closing price.

Quanta Services, Inc., a contracting services company, offers various network solutions to the electric power, gas, telecommunications, cable television, and specialty services industries, as well as to the commercial, industrial, and governmental entities primarily in the United States and Canada.

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