As oil prices took a dive in recent years, energy stocks were not the only ones feeling the pain. Non-energy names with indirect exposure to energy also lost out. This, however, should be considered an opportunity for investors, according to one portfolio manager.

"We are finding attractive valuations in non-energy names that have been oversold in reaction to lower oil prices over the past year," said Craig Hodges, CEO of Hodges Capital Management.

Examples include home builders that have been unfairly punished due to their exposure to Texas, several of the regional banks, hotel operators, and other business that have indirect exposure to energy.

"In many cases, our bottom up research has uncovered opportunities in which the fundamentals are holding up much better than Wall Street's perception," Hodges said.

He suggests:

• Texas Banks
• La Quinta Holdings
• Club Corp
• Eagle Materials
• US Concrete

WTI Crude prices are down 50% in the past two-years. The S&P 500 Energy sector is down 30% in that same time period.

Disclosures: Craig personally owns all of these stocks directly or indirectly though the Hodges mutual funds. The firm owns all of these stocks directly or indirectly though our mutual funds. No investment banking relationships.