Oil will bottom in the mid-$40s and Saudi Arabia will begin to curb production "pretty soon," Rocky Mount Resources CEO Chad Brownstein told CNBC Thursday.
That means there is an opportunity now for investors to dip their toe in the water and buy certain names in the oil services sector, he said.
Specifically, Brownstein would look for companies that are not more than two times leveraged and have long-term contracts. He would also discount their numbers by 25 percent because many oil companies asked service companies to cut rates 25 percent and that hasn't been seen yet.
"There's quite a few out there that have prudent balance sheets; that have long-term horizons. You look at their customer bases," he said in an interview with "Closing Bell."
"You get to buy the solid performers and ride the upside."
That said, Brownstein admitted that investors have to have the stomach to assume that the businesses will be around in three to five years. If so, they'll get names at bargain basement prices, he said, because a lot of the mid-size stronger players are down 70 percent.
"This is obviously secular to oil but there is a great opportunity as long as there's low leverage, you take into account what the discount could be. So if there is another 5, 10, 15 percent drop you are ready to buy again."
As for when Saudi Arabia will begin to cut production, Brownstein said, "I can imagine in the second quarter the curbs will be in and you'll see a stabilization in the mid-$40s."
"They won the battle of getting us to lay down rigs and hurting our offshore and our different onshore shale plays but they are not going to lose the war against themselves."
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