Harold Hamm, the founder and CEO of Oklahoma-based Continental Resources (CLR - Get Report) is raising his target for the price of oil by 20%, but TheStreet's Jim Cramer said the oilman's forecast is too high. Hamm previously thought $60 a barrel was where oil was headed, but he told CNBC's Squawk Box Thursday that $69 to $72 per barrel by the end of 2016 looks more likely. Cramer said Hamm's words are bearish because Hamm has been too bullish in the past.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.