Jim Cramer says Apache Corp. (APA) is his "No. 1 Angry Name" because the oil company has shed some 30% since he bought shares for his charitable trust.

Cramer told a conference call with members of his Action Alerts PLUS club for investors that he loves Apache's assets (especially a major Texas oil find called the "Alpine High"), but that the market keeps ignoring the company's positives.

"Do you know that [the Alpine High] is very for real?" he said. "They are spending fortunes developing pipe to take it out of the ground, but nobody cares. And I mean nobody, even though everyone was crazy about it when the stock was in the $60s and the price of oil was below here."

The stockpicker said he wishes ExxonMobil (XOM) or another major oil firm would simply step in and buy Apache to control the Alpine High, but said such a move seems unlikely. So, Cramer said he'll look to unload his trust's APA stake if he can get a little better price for it. Apache closed Thursday at $42.61, down 2.23% on the session.

"My instincts tell me to stay the course; the assets are worth almost double what the company's worth," Cramer said. "[But] Apache is my 'No. 1 Angry Name,' as you can tell, because I understand and have done so much work on this Alpine High. But without a takeover ... by any major [oil company], it shows you that they don't believe. And if they don't believe, it's hard for us to believe."

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