Jim Cramer, co-manager of Action Alerts PLUS portfolio, said Freeport-McMoRan (FCX) - Get Freeport-McMoRan, Inc. (FCX) Report  has turned around its fortunes after commodity prices stabilized. The company's stock "has gone from being an ugly duckling to being a swan."

The Phoenix-based company, a producer of gold and silver along with natural gas and oil, has been the beneficiary of commodity prices rebounding from their recent decline. Gold now trades around $1,244.10 after bottoming out at around $1,050 in December. Oil has rebounded from a low of near $30 a barrel in January to around $45. Both commodities have stabilized since the rebounds.

Freeport's stock closed at $10.85 Friday. It has yet to report first-quarter earnings but sold off assets in the first three months of this year. In February when it sold a stake in a copper mine for $1 billion to Sumitomo Metal Mining, and in March Freeport sold its Serbian copper project to Lundin Mining for $262.5 million.

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Cramer suggested Freeport's shares will improve if it continues to sell off assets. Marathon Oil (MRO) - Get Marathon Oil Corporation (MRO) Report announced $950 million worth of asset sales on Monday after markets closed, which caused its stocks to pop. 

For 2015, Freeport posted a $12.2 billion, or $11.31 per share, loss.