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Oil and Gas Plays to Energize Your Portfolio

Tickers in this article: HES LINE
NEW YORK ( TheStreet) -- It's hard not to be bullish about the current stock market. When we're in a bull market even the scary headlines become a yawn or are rationalized into obscurity.

Don't get me wrong, I'm aware of the fact that we've had an incredible move higher since the lows in 2009. One of my family members sent me this quote from a publication she subscribes to: "As a reminder, bull markets have averaged about 39 months in length. As of January 2013, this particular bull is 47 months old, which puts it overdue for a correction."

Here's another reason why a number of financial analysts are somewhat leery. After four straight years of stock market gains, those bold enough to predict where major market indices will be by the end of 2013 are almost unanimously bullish.

This bullishness was illustrated in the Dec. 17, 2012, edition of Barron's. Its panel of experts forecast a 10% rise in stocks for 2013 and not a single one was bearish. Maybe that's because we're in an age where the Federal Reserve and many global central banks are goosing the economy more than ever!

If only we could have a nice 5% to 10% correction! I've given plenty of hints and price suggestions about stocks I'd like to own or positions I'd add to during this latest version of "The Wealth Effect" that generous monetary policies create.

Some investors and traders are a bit late to the party. They want to find sectors where growth-and-income stocks are still available and not overpriced. Here are a couple of examples from the energy patch worthy of consideration.

With West Texas Crude still above $97 a barrel and natural gas demand alive and well, take a look at Linn Energy (LINE) . It was founded in 2003 and hails from the energy capital of America, Houston.

LINE is an independent oil and natural gas company that engages in the acquisition and development of oil and gas properties. The company's properties are primarily located in the Mid-Continent, the Permian Basin, Michigan, California, and the Williston Basin in the United States. "Eureka", "black gold" and "Texas tea" are terms that come to mind when I think of these energy zones.

As the company's Web site states, "Linn Energy's mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets."

That's why it can offer shareholders a current dividend yield that is a likeable 7.77% (especially nice if 7 is your lucky number).

As of Dec. 31, 2011, it had proved reserves of 3,370 billion cubic feet equivalent of oil and gas, and natural gas liquids, as well as operated 7,759 gross productive wells. It's no secret that investment educator and CNBC entertainer extraordinaire Jim Cramer has liked LINE for a long time.