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Where to find opportunity in energy slump: Pros

With oil continuing to hit new lows, there are some good opportunities to make money in the energy sector, several pros told CNBC Tuesday.

For analyst Carl Larry, that means looking at companies that store oil, since there is an oil supply problem.

Specifically, he thinks Enterprise Products Partners is a good play right now.

"I think this is a good area where you'll see a lot of profits going forward. Cheap oil means that we're going to be packing up as much as we can," said Larry, formerly with Oil Outlooks and Opinions and now director of oil and gas business development at Frost & Sullivan.

He's also eyeing the refining sector, which he believes is undervalued right now.

"There's a lot of demand for gasoline, and we're kind of overlooking that because prices are so low," Larry said in an interview with "Power Lunch."

Read MoreOil's slide continues, down 15% year to date

Valero Energy is his play on the refiners.

Michael LaMotte, an oilfield services analyst and senior managing director at Guggenheim Securities, said investors with a longer-term horizon should look at companies like Schlumberger and Halliburton. He's projecting a 20-30 percent upside in these names over the next 12-18 months.

"The next few months are pretty sloppy, but I think we are making a base here in many of these stocks," he said.

Read MoreShort sellers ganging up on oil companies

He also thinks Baker Hughes, which is being acquired by Halliburton, is a cheap way of getting Halliburton a year or so from now.

For investors looking for defensive names that can weather the storm, Paul Grigel, oil and gas analyst at Macquarie, suggests Anadarko Petroleum and Cimarex Energy. He believes they should outperform as crude continues to come under pressure while also likely being the first to bounce back if oil stabilizes or rebounds to the mid-$80s.

Both have strong management teams, strong balance sheets and operational flexibility, he said in an interview with "Street Signs."

Then there are the stocks he calls "high octane."

"They're the ones that if oil were to stabilize or potentially see upside here over the near-term really have potential upside even up to or more than doubling," Grigel said.

His picks: Oasis Petroleum and Sanchez Energy.

Read MoreOil hitting $44 brings out bottom callers (again)

However, Grigel warned that investors should steer clear of names with the highest amount of financial leverage. He said assets are paramount.

"If you have core assets, you are going to be able to weather the storm a little bit better," he said.

"If you are on the fringe of some of these unconventional plays, it gets challenging even at $50, $60, even towards $70 oil. You're going to need a pretty substantial rally to make it work."

—CNBC's Stefanie Kratter contributed to this report.

Disclosures: Michael LaMotte does not own HAL, HBI, SLB; HAL, HBI, SLB are investment banking clients. Paul Grigel, his firm, and his family do not own APC, OAS, SN, XEC; SN, XEC are investment banking clients. Carl Larry, his family and his company do not own EPD, VLO.

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