Cramer's 'Mad Money' Recap: Pooh-Poohing Private Equity

Apache on the Up and Up

"Tonight's addition to this august assemblage of stocks," Cramer said, is Apache(APA Quote), an independent oil and gas exploration company that has been on the rise. "People have been buying Apache. It's a winner," Cramer said, and "people will keep buying it."

Oil is one of the sectors leading the market right now, he said, and Apache is "exactly what we're looking for."

But Cramer said that just because he says it will go to $120 is not a good enough reason for people to buy it. They need to do their homework, too.

Apache has incredibly low production costs and thrives in areas where its peers have difficulty, Cramer said. It has a great business model of buying discarded products from other companies on the cheap and turning them around.

In addition, the stock is cheap, trading at 10 times earnings. It "has a long way to go before its valuation comes near what the market gives its competitors," he said. "This stock is mispriced!"

The company increased its product guidance in June, and the majority of its reserves are in the U.S., Cramer said.

Apache has a "terrific track record," Cramer said. "I would buy APA before it gets away from you."