CNBC’s Jim Cramer on Friday advised investors to pick up shares of Canadian oil producer Suncor Energy, but only if they’re confident oil prices will stay elevated.

Cramer’s comments come after activist investment firm Elliott Management, which holds a 3.4% stake in Suncor, called for the firm to shuffle its management and take other measures to improve its performance.

“I think Suncor’s future is less about this activist campaign and more about where the price of crude might be headed. If you think it’s going to stay elevated, this could be just an absolutely terrific stock because the oil sands can generate tremendous earnings growth,” the “Mad Money” host said.

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“However, indeed, if you believe oil will peak soon and head meaningfully lower, this stock’s going to be a dog and it won’t matter what changes [Elliot Management] make,” he added.

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

Elliott Management cited “missed production goals, high costs, and, tragically, a number of employee fatalities and other safety incidents” in its letter.

Suncor responded to Elliott’s letter stating it will review the investment firm’s recommendations.

“Whether you look at it from a financial perspective or 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 run since the price of crude is up, meaning the company could become a high-performer if it takes Elliott’s urgings under consideration.

Brent crude futures settled at $109.34 on Friday while U.S. West Texas Intermediate crude settled at $104.69.

“I think the stock jumped … yesterday because Wall Street’s confident Elliott can push Suncor’s board to unlock value,” Cramer said. “Here’s some free advice to Suncor’s directors: Work with these guys.”

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