NEW YORK (TheStreet) -- There are reasons to consider BP (BP) 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.
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"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) 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) , despite the stock's 62.8% year-to-date appreciation.