Williams Companies (WMB - Get Report)  shares are up Wednesday after analysts at Goldman Sachs reiterated a buy rating. They said the pipeline company is likely to cut its dividend, but that is already priced into the stock.

"This is amazing," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. Under most circumstances, buy a stock ahead of a dividend cut is "rather startling," he said.

Cramer noted that pipeline companies are starting to come back. Shares of Williams are still down 13.5% on the year but the stock is up roughly double from its February lows. It was supposed to merge with Energy Transfer Equity (ETE) , but the deal fell apart. Six board members resigned because of their lack of confidence in CEO Alan Armstrong.

The plan was to build out infrastructure in the Marcellus shale and use the new tie-up with Energy Transfer Equity to distribute the natural gas, Cramer explained.

Still, Williams has grown at a 7% compound annual growth rate, which is "very high for that business," Cramer concluded.

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