Jim Cramer Sees Chevron, Under Armour and Nike Going Higher

NEW YORK (TheStreet) -- When oil prices were near the lows several months ago, Chevron (CVX) stock was trading higher than where it is today. Shares are currently at $100.

Bewildered, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, called this situation "crazy" and "nutty" on CNBC's "Stop Trading" segment Wednesday. 

There's no reason Chevron should be trading higher when oil is in the mid-$40s and lower when oil rallies back to $60 per barrel, he said. If oil prices don't fall back to the previous lows, there will be "major acquisitions" in the energy sector, he said. 

UA Chart
Under Armour UA data by YCharts

Turning to Under Armour (UA), Cramer says the recent strength in the stock may have to do with the National Basketball Association playoff battle between the Golden State Warriors and Cleveland Cavaliers. 

Under Armour recently endorsed Stephen Curry, the reigning MVP of the NBA, who led the Warriors to win the 2015 championship Tuesday night. 

While Cramer likes Under Armour, he also likes Nike (NKE) and believes both stocks are headed higher. In addition, he thinks Under Armour should consider acquiring Lululemon Athletica (LULU).

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

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