NEW YORK (TheStreet) -- There are reasons to consider BP  (BP) - Get Report as a stock to buy, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio. But don't buy BP based on acquisition assumptions alone

Shares of the integrated oil company are higher by 2% on Wednesday, fueled by continued speculation that BP may be a takeover candidate

"This is not a buy on takeover," Cramer said on CNBC's "Cramer's Mad Dash" segment. However, investors can contemplate buying the stock based on its "good reserves" and its strong management team led by CEO Bob Dudley, Cramer said. 

Earnings could make a comeback if oil prices eventually recover in 2015, Cramer added. Until then, investors can collect on the stock's handsome dividend yield of 5.9%. Cramer said that stocks like Transocean (RIG) - Get Report shouldn't be bought until the dividend is suspended -- it now has a yield of 15.5%. 

Turning to aluminum, Cramer says investors could still buy shares of Alcoa (AA) - Get Report , despite the stock's 62.8% year-to-date appreciation. 

Alcoa still has an attractive valuation, Cramer noted, and CEO Klaus Kleinfeld has done a great job securing contracts with Ford (F) - Get Report for its F-Series pickup trucks, as well as with Boeing (BA) - Get Report .

"Buy Alcoa," Cramer concluded. 

-- Written by Bret Kenwell

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TheStreet Ratings team rates BP PLC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate BP PLC (BP) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."

You can view the full analysis from the report here: BP Ratings Report

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