Cramer ‘s comments come after investment activist Elliott Management, which owns a 3.4% stake in Suncor, called on the company to reshuffle its management and take other steps to improve its performance. “I think Suncor’s future is less about this activism campaign and more about where the price of crude can go. If you think it will stay high, it could just be a terrible stock because oil sand can cause huge increase profits. “said the presenter of” Mad Money “. “However, if you believe that the oil will soon peak and actually go down, this stock will be a dog and it will not matter what changes. [Elliot Management] they do “, he added. Shares of Suncor fell 2.58% on Friday, but reached a new high of 52 weeks earlier in the day. Elliott Management said in its letter “lost production targets, high costs and, tragically, a number of worker deaths and other safety incidents”. Suncor responded to Elliott’s letter by stating that it would consider the investment firm’s recommendations. “Whether seen from an economic or a purely human perspective, this is not a good business,” Cramer told Suncor. However, he said he believes the company has more room for maneuver, as the price of crude is on the rise, which means the company could perform well given Elliott’s encouragement. Brent crude futures traded at $ 109.34 on Friday, while West Texas Intermediate crude traded at $ 104.69. “I think the stock jumped… yesterday because Elliott with Wall Street confidence can push Suncor’s board to unlock value,” Cramer said. “Here are some free tips for Suncor directors: Work with these guys.” Join the CNBC Investing Club now to follow Jim Cramer’s every move in the market. Denial of responsibility Questions about Cramer? Call Cramer: 1-800-743-CNBC Want to take a deep dive into Cramer’s world? Hit him! Crazy Money Twitter – Jim Cramer Twitter – Facebook – Instagram Questions, comments, suggestions for the “Mad Money” website? [email protected]
