The energy tug-of-war continues, and one thing experienced investors know is that one day those who hold their nose and buy stocks now will have a well-deserved payback. The problem is, it is very possible that big payback may not come until late next year or even 2017.

A new report from UBS and the firm’s well-regarded oil service analyst Angie Sedita reminds readers that she and her team continue to believe that the sector will remain range-bound over the near to intermediate term as oil prices remain under pressure. She also makes the very astute point that oil prices can be very surprising, and despite the intense negative pall over the energy sector and oil services industry, this road has been traveled before.

The analysts at UBS have numerous stocks rated Buy, and they remain positive on land drillers versus offshore. We like the fact that they remain bullish on the big cap players that are diversified, and in many cases have a strong global footprint to compliment the North American business. All three of the following remain rated Buy at UBS.

Baker Hughes

Baker Hughes Inc. (NYSE: BHI) agreed almost a year ago to a friendly merger with fellow oil field giant Halliburton in a deal worth an astounding $34.6 billion. The tie-up between the two oil field giants raised big questions about whether the takeover could survive antitrust scrutiny, given the level of consolidation that it promises within the oil production services business. Created in 1987 with the merger of Baker International and the Hughes Tool company, Baker Hughes created innovative products like a rotary bit for drilling wells through rock.

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The long wait to get the deal done with Halliburton may be starting to grind on some, but the merger agreement does allow the two companies to extend the deal into 2016. There have been some reports that the deal is facing delays because of the complex nature of divestitures the U.S. Department of Justice (DOJ) will require in order to grant approval for the transaction and concerns that the company may not be able to find buyers strong enough to be viable long-term competitors to the major services providers. Despite the long delay, most on Wall Street feel comfortable the deal will be completed.

Baker Hughes investors are paid a 1.2% dividend. The UBS price target for the stock is $78. The Thomson/First Call consensus target is $75.60. The stock closed Tuesday at $56.95.