Cramer Says Watch Pioneer Natural Resources When The Oil Rig Count Is Released Friday

Investors in Pioneer Natural Resources PXD stock were hurt when oil prices sharply dropped in the afternoon session Thursday, following the offering of 5.25 million shares at $157.52 (3.1 percent lower than the previous close).

In his analysis of Pioneer Natural Resources, TheStreet's Real Money contributor, Jim Cramer suggested examining the January offering of 12 million shares at $117, which at that time seemed a desperate move from the company.

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Right after that offering, oil prices started to decline, causing investors to lose almost $1 on that day and more than $4 four days later as oil plunged into the $20s. However, Cramer stated that this loss was worth taking, as the stock climbed to $168 four months later. "So the question is, will that happen again, or has the top been reached?" asked Cramer.

While Cramer still believes that the oil prices won't easily move up from $30 to $50, as he mentioned previously, he doesn't think that prices will fall below $40.

According to Cramer, oil prices will follow the Pioneer stock, as happened after the January offering. Therefore, he concluded, "This stock has to hold around here to believe that oil can go back up." He suggests holding the stock and wait until oil prices move higher.