Power Play: Time to snap up energy stocks

A Chesapeake Energy drill site in Bradford County, Pennsylvania.
Daniel Acker | Bloomberg | Getty Images
A Chesapeake Energy drill site in Bradford County, Pennsylvania.

The oil slide continues, with WTI falling more than one percent on Wednesday.

Despite the uncertainty over where crude will stabilize, a veteran strategist tells CNBC's "Power Lunch" now is the time to snap up some energy stocks.

Art Hogan, chief market strategist at Wunderlich Securities, likes Bill Barrett and Chesapeake at these levels. "They have rock solid balance sheets. It may be early, but they are not going away and will survive oil at $35 a barrel," Hogan said.

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Hogan does not believe oil has bottomed yet, but thinks it's time to hold these companies if you are a long-term investor.

Bill Barrett and Chesapeake both were higher during trading.