NEW YORK (TheStreet) -- West Texas Intermediate plunged 4.3% on Monday, dropping to $63 per barrel. Companies like Transocean (RIG) will likely be forced to cut its dividend, Guy Adami, managing director of stockmonster.com, said on Monday's CNBC "Fast Money" TV show.
If and when the company cuts its dividend, the ensuing selloff is a buying opportunity, Adami said. If ConocoPhillips (COP) continues to find support near $64, investors should buy the stock, he added.
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Pete Najarian, co-founder of optionmonster.com and trademonster.com, is also a buyer of ConocoPhillips, although the stock has unlikely bottomed yet. Investors should continue to stay long the airlines stocks, like United Continental (UAL) , American Airlines (AAL) and Delta Air Lines (DAL) .
"Who knows where the bottom in oil is?" asked Dan Nathan, co-founder and editor of riskreversal.com. There will likely be dividend and capital expenditure cuts in the future.
Oil is likely to go lower, but that doesn't mean there aren't some stocks presenting investors with "extreme value," according to Tim Seymour, managing partner of Triogem Asset Management.
He advised investors to consider the integrated oil stocks on the long side and to avoid exploration and production companies and drilling companies. Lower oil prices should also help accelerate global economies, particularly in Europe. Investors can buy the iShares MSCI Germany ETF (EWG) .
"I think oil can go down a lot farther," said Dennis Gartman, editor and publisher of The Gartman Letter. He added that the decline in oil prices seems to have only just begun due to the continually oversupplied state of the market. Lower prices will hurt certain governments, like Venezuela and Russia, but will largely act as a form of global stimulus. The U.S. dollar, which is headed "a lot higher," will continue to put pressure on oil prices.
The conversation shifted to Apple (AAPL) . Guest Walter Piecyk, managing director and research analyst at BTIG, has a buy rating and $135 price target on the stock.