Jim Cramer has decided to sell his position at Pioneer Natural Resources.

Following the $59.5 billion acquisition of Pioneer Natural Resources $Pioneer Natural Resources(PXD.US)$ by ExxonMobil $Exxon Mobil(XOM.US)$ , the Jim Cramer Charitable Fund has decided to sell all 300 of its shares in Pioneer Natural Resources (PXD). Although the fund had the option to hold Pioneer shares until the expected merger closing date of June 30, 2024, it preferred to cash out the profits and reinvest the cash in other investments.

The Cramer Charitable Fund plans to strengthen Coterra Energy $Coterra Energy(CTRA.US)$ in the midst of a market correction and to buy shares of other high-quality companies that have recently fallen due to stock market declines.

While the chances of a deal being blocked are low, large-scale mergers and acquisitions are always a possibility. In addition, there is no indication that Pioneer has made a competing offer. By closing the position, the fund can avoid the potential risk if the deal fails and PXD stock falls back from the price offered by ExxonMobil.

While the fund's remaining shares will earn a steady return of about 8 percent, it's worth noting that this return does not include dividends received from Pioneer over time.

Subscribers to Jim Cramer's CNBC Investment Club will receive trade alerts before Jim makes any trades. jim waits 45 minutes after a trade alert is sent before executing trades in his charitable fund portfolios. If Jim discusses a stock on CNBC television, he will extend the waiting period to 72 hours after a trade alert is sent.