More Videos:

Cramer Quick Take: Hess Could See $70

Tickers in this article: HES
Check out Jim Cramer's latest trading recommendations on "Action Alerts Plus".

NEW YORK (TheStreet) -- Business have been good at Hess (HES) , Jim Cramer told Debra Borchardt at Monday, but that hasn't stopped shares from being chronically undervalued.

Cramer said Hess, like many of the big oil names, has been making a lot of changes in itsbusiness in response to America's oil boom, and that includes shedding low-margin businesses as well as assets that are simply in the wrong areas of the country.

He said with so much oil coming out of America's oil shale regions, refineries that are based on the higher prices of Brent crude just aren't as desirable as they once were.

What is a fair valuation for Hess? Cramer said he thinks shares are easily worth $70.

To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here.

-- Written by Scott Rutt in Washington.

To email Scott about this article, click here: Scott Rutt

Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC