Suncor Energy is a buy, but be prepared to turn around if oil prices peak, says Jim Cramer.

CNBC’s Jim Cramer on Friday advised investors to buy shares in Canadian oil producer Suncor Energy, but only if they are confident that oil prices will remain high.

Cramer’s comments came after an activist at investment firm Elliott Management, which owns a 3.4% stake in Suncor, called the company shuffle his manual and take other measures to improve his performance.

“I think Suncor’s future is less about this activist campaign than about where the price of oil might go. If you think it will stay high, this could be an amazing stock because the oil sands could provide a huge boost in profits.” – said the host of “Mad Money”.

“However, really, if you think that oil will soon peak and fall significantly, these stocks will be bad, and it will not matter what changes [Elliot Management] do,” he added.

Shares of Suncor fell 2.58% on Friday but hit a new 52-week high earlier in the day.

In its letter, Elliott Management referred to “non-compliance with production targets, high costs and, unfortunately, a number of deaths among employees and other security incidents.”

Sankor answered to Elliott’s letter stating that he would consider the recommendations of the investment firm.

“Whether you look at it from a financial perspective or from a purely human perspective, this is not a well-run enterprise,” Cramer said of Suncor’s track record.

However, he said he believes the company has more room to grow as the price of oil has risen, meaning the company could become highly efficient if it heeds Elliott’s calls.

Brent oil futures closed at $109.34 on Friday, while West Texas Intermediate futures closed at $104.69.

“I think the stock jumped … yesterday because Wall Street’s Elliott is confident he can push Suncor’s board to disclose value,” Cramer said. “Here are some free tips for Suncor directors: work with these guys.”

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