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Energy has been a poor investment for what seems like ages, but with oil seemingly poised to finally bottom, Cramer said he's taking a fresh look at a one-time favorite, Hess Corp. (HES) - Get Hess Corporation (HES) Report

Hess is a tale of two companies. On one hand, Hess has terrific assets all over the globe. But on the other hand, the company's management has failed to deliver. Performance has been so bad, that activist investor Elliott Management took a stake in the company back in 2013, calling for a sale of the entire company.

But since their initial saber rattling, Elliott has quietly turned into a long-term holder of Hess and it looks like the company may be listening, at least a little. Hess sold off assets in the Permian Basin and their fields in Norway this year. The company also spun off their pipeline assets into an MLP. They also have plans to sell their stake in Denmark next year.

Despite being awash in cash, however, management continues to struggle. Their assets in the Bakken are operating poorly and their fields in Guyana have gotten off to a very slow start. This has once again triggered Elliott to call for a sale of the company.

Cramer said there's not much downside left in Hess, but he doesn't see any upside unless the company agrees to sell. In that case, shares could go much higher, as the assets are worth a lot more than where the stock is trading currently.

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