NEW YORK ( TheStreet) -- The Action Alerts PLUS charitable portfolio increased its holdings in Occidental Petroleum (OXY), the Houston, Tex.-based oil and gas company, as one of the uses for the cash they freed up from old positions last week.
Jim Cramer spoke with TheStreet's Rhonda Schaffler about the increased investment in Occidental.
Cramer announced in an alert to AAP subscribers last week that there were going to be a lot of opportunities stemming from all that is happening in Greece's potential default in the next few weeks.
As a result, he and Jack Mohr decided to pull money out of some positions to free up cash for when new opportunities emerged.
Oil stocks are currently trading below where they were back when oil was between $43 and $45 a barrel. However oil prices seem to be sticking to their current prices and have not been dropping below $58 or $59 a barrel.
Cramer said that this stickiness in recent oil prices is very important for these energy companies and why AAP keeps increasing its holdings in oil companies.
Cramer explained that he likes Occidental Petroleum specifically because of its 4% yield, compared to the roughly 2% on treasuries.
He also said that the company has good cash flow, and the stock is way too low.
Cramer said that "the reason I like Starbucks so much is that comparable sales are accelerating." But he added that he also admired what the company was doing with technology as exemplified in the recent mobile payment initiative.
Cramer said he could see Starbucks increasing from its current price of $54.