NEW YORK (TheStreet) -- Shares of Apache (APA) continue moving higher after shrugging off a downgrade from Wells Fargo on Friday, according to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio.
On CNBC's "Cramer's Stop Trading" segment, he explained that the Egyptian elections show stability. That is good for Apache, since 29% of its oil production comes within that country.
Apache also has "gigantic" exposure to the Permian Basin and the Eagle Ford Shale, he added.
"That stock cannot stay independent," Cramer argued, with Apache's assets in Egypt and Texas, along with its soon-to-be-online pipelines.
Apache is on its way to $120 per share, Cramer said. "The fundamentals are fantastic," he concluded.
-- Written by Bret Kenwell in Petoskey, Mich.