NEW YORK (TheStreet) -- TheStreet's Jim Cramer is watchingCimarex Energy (XEC) - Get Cimarex Energy Co. Report.

During CNBC's "Cramer's Stop Trading" segment, Cramer, the co-portfolio manager of Action Alerts PLUS, said the company's secondary offering of six million shares at $109 each will show whether there is the appetite for oil company stocks, he said.

Cimarex is "an excellent company" with oil fields in the mid-continental U.S. "They have Permian. I believe in Permian," he said of the shale-rich Permian Basin.

"I know that's opposite of what (hedge fund investor) David Einhorn says," Cramer said. "Well, just call me skeptical of Einhorn. Don't call me skeptical of Cimarex."

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