With oil up almost 50% from the lows back in January, lots of energy investors are breathing a sigh of relief. Many parts of the industry are still struggling, especially the upstream segment, which suffered an aggregated loss of $2.7 billion, versus a positive $4.9 billion quarterly average for the past three years, However, there are solid areas to buy. In a new report from Cowen, the analysts there say go big cap for the last half of 2015.

The Cowen team warns that there could be what they term “commodity induced pullbacks” that investors should be aware of. Translated, a steep drop in oil or natural gas prices could spur another stock sell-off. The analysts are very positive on five big oil stocks for investors to own going forward.

Chevron

This stock is very solid story for investors looking to stay long the energy sector. Chevron Corp. (NYSE: CVX) sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas. Some Wall Street analysts estimate the company will have a compound annual growth rate of more than 5% for the next five years, and the stock trades at a modest valuation discount to some of its mega-cap peers.

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The Cowen team says Chevron management is aggressively pursuing cost-saving initiatives and has already completed over 2,200 supplier engagements, with 700 more in progress. The results are very encouraging, with nearly $900 billion in contract savings already negotiated. There also has been significant insider buying at the company in recent weeks.

Chevron investors are paid a nice 3.95% dividend. The Cowen price target for the stock is $125. The Thomson/First Call consensus price target is $114.67. Shares closed Thursday at $108.45.

Exxon Mobil

This leading energy company hit the earnings ball out of the park when it reported first-quarter numbers. Exxon Mobil Corp. (NYSE: XOM) is an energy sector behemoth that many analysts are very positive on. Wall Street as a whole acknowledges the strength of the integrated giant plays a significant part in the company’s very solid first-quarter earnings report. The company’s global downstream chemical segment plays a huge part in driving earnings for Exxon.

The Cowen team points to the fact that the company’s major projects remain on track despite commodity pricing dips. They expect efforts at the projects to ramp up strong in the second half of 2015.

Exxon investors are paid a very respectable 3.35% dividend. The Cowen target for the energy giant is $105. The consensus price objective is lower at $93.83. Shares closed trading on Thursday at $86.97.

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