Cramer's 'Mad Money' Recap: Chevron Chase

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Chevron (CVX Quote) is a "great stock" that is going to be put on sale next week, Jim Cramer told viewers of his "Mad Money" TV show Monday.

Cramer said he has "little doubt" that on Nov. 7, voters in California will pass Proposition 87, which "seeks to lessen dependence on foreign and domestic oil."

Chevron said this initiative might cost it $200 million, Cramer said. The measure would impose a tax on oil production. It seeks to raise $4 billion to develop and promote alternative energy technologies and promote the reduction of petroleum use.

After the "excellent" Chevron quarter and the company's "big find" in the Gulf of Mexico, it will be time to buy this stock on Wednesday or Thursday of next week when it gets hit by this initiative, Cramer said.

"Don't buy it today, tomorrow or later this week," Cramer warned.

If Proposition 87 passes, and it is expected to, analysts who cover Chevron are going to have to cut numbers, he explained. "When it gets put on sale, people should buy it."

Aside from improvements in Big Oil's prospects, another reason to buy Chevron is that it had the "biggest earnings upside surprise," almost a 15% beat, Cramer said.

Plus, the company has "stronger marketing," he said. "It's not burning money any more; now it's spending it."