Devon Energy ( DVN) is the cheapest independent oil and gas company, Jim Cramer said on his "RealMoney" radio show Thursday, and it reminds him of Kerr-McGee ( KMG), since it has oil in a lot of safe places.

Not only is Devon Energy tremendous at finding oil, it also has a great record of replenishing oil, he said. At $61, Cramer believes the stock could easily go up 30 to 40 points if it receives a single takeover bid. And a bid is possible, he said.

The bottom line is that Devon Energy should not be this low, especially since oil is $75 a barrel, he said. If oil goes to $65 a barrel, Cramer predicts Devon Energy could fall five points, but not much more, and if oil stays where it is, he believes the company could get taken over.

He called Devon's fundamentals better than good and said it is a buy.

Although J.C. Penney ( JCP) reported "beautiful" numbers this morning and

Abercrombie & Fitch ( ANF) reported an awful number, J.C. Penney is down, while Abercrombie & Fitch is up.

This is because a lot of people know J.C. Penney is a well-run place and Abercrombie & Fitch is a disappointment, Cramer said. It's all about expectations, he said. And the expectations got out of control for the upside of J.C. Penny and for the downside of Abercrombie & Fitch.

Altria's Split Personality

Altria ( MO) is a stock in the news that Cramer believes people should buy.

The lawsuits currently surrounding Altria, which Cramer owns for his charitable trust, Action Alerts PLUS , are "a joke" and are all going away, he said.

And when it wins those lawsuits, Cramer believes Altria is going to split into three companies: domestic tobacco, international tobacco and Kraft Foods. Once it is split up, Altria will be worth $100, he said. (The stock was recently at $77.)

If you liked this article you might like

Qualcomm Nets Wireless Licenses in India

Qualcomm Nets Wireless Licenses in India

SEC Probes Other Deals: Report

SEC Probes Other Deals: Report

Cramer's 'Mad Money' Follow-Up: April 15

Cramer's 'Mad Money' Follow-Up: April 15

Cramer's 'Mad Money' Follow-Up: April 14

Cramer's 'Mad Money' Follow-Up: April 14

Cramer's 'Mad Money' Follow-Up: March 25

Cramer's 'Mad Money' Follow-Up: March 25