Shares of Kinder Morgan (KMI) - Get Report are up over 10% on Wednesday following news Warren Buffett bought up 26.5 million shares, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.

In December, Kinder cut its dividend by 75% and the stock went into a tailspin. However, Cramer said it's important to note the stock is now back above the price it was a few months ago at the time of that dividend cut, Cramer added. 

Kinder Morgan KMI data by YCharts

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Buffett obviously sees "real value" in the stock after its harrowing selloff over the past year. Shares are down almost 60% in the past 12-months, despite rallying 16% on the year.

Cramer also said Buffett likely sees shares of Kinder Morgan as a growth vehicle over the long term. 

However, despite the big selloff and potential large dividend payouts in the future, Cramer said the stock is likely to struggle as long as oil and natural gas prices remain low. 

Oil inventories are "horrendous" and the commodity can still move lower, he added. 

It's also noteworthy that George Soros took a position in Kinder Morgan, as has David Tepper, purchasing 50,700 shares and 9.4 million shares, respectively. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.