Activist investor David Einhorn spoke out this week against the oil shale drillers, including EOG Resources, which Cramer owns for his Action Alerts PLUS Charitable Trust.
But Cramer warned investors not to simply bet alongside Einhorn and reminded viewers of his track record. He noted Einhorn was completely wrong when he bet against Keurig Green Mountain (GMCR) last year, and the activist investor covered his short position at a major loss.
After that, Einhorn was wrong again when he bet against Amazon.com (AMZN), which rallied strongly in response to his criticisms.
EOG has been lowering its costs because of plunging oil prices. The company lost money in its latest quarter, but Cramer said it is one of the companies best positioned with regard to the recovery in oil prices that is just beginning.
Cramer said it is not fair to lump EOG in with the lesser names in the oil patch. Furthermore, he said Einhorn's comments on the group are about 10 months too late to make investors any money.
Cramer maintained his optimistic position on Thursday morning. "[It's the] cheapest and fastest growing. Usually don't get that," he said.
Separately, TheStreet Ratings team rates EOG RESOURCES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: