NEW YORK (TheStreet) -- Oil has continued to rally, but many of the oil stocks haven't. We're seeing a rebalancing of oil prices to the oil stocks that usually follow them in lockstep and it's important to recognize why -- and where the investment opportunities might lie from this.

Oil stocks had been getting a lot of buying interest for reasons that have had less to do with oil. Underperforming sectors of the stock market have piqued the interest of money managers who see the overall index of stocks to be very high. When looking to rebalance portfolios, managers have reached for the worst performers of the last 12 months, and no sector has been as badly beaten up as the oil and gas group.

As money has flowed into oil shares, the best of these stocks, like EOG Resources  (EOG), Anadarko Petroleum  (APC) and Cimarex  (XEC), all recommendations of mine, have outraced the still depressed prices of oil - many of these stocks were pricing as if oil was again at $75 to $85 a barrel. I noted in several columns that even though these companies were tremendous long-term opportunities, their short-term prices were, I thought, overdone.

Last week, David Einhorn of Greenlight Capital, made a presentation blasting several dedicated U.S. shale players, including EOG. This presentation from one of the well-regarded "gurus" of the hedge fund world has put a new pressure on these shares. So while oil is back above $60 a barrel, these stocks have been sinking.

Einhorn has been successful in "spooking" many of the new investors in EOG, Pioneer Natural Resources  (PXD), Continental Resources  (CLR) and others.

But this also presents an opportunity. Lower prices for these companies delivers a value again as these shares begin to represent correctly the current prices for oil. I have readjusted my target buy prices for many of these stocks, which you can see by accessing my RealMoney article here. RealMoney is testing a one-time "metered paywall" that will give access to these articles with only your email address. I suggest you give it a try.

I talk more about Einhorn and EOG in the video above.

This article is commentary by an independent contributor. At the time of publication, the author held positions in SDRL and EOG. Jim Cramer's charitable trust, Action Alerts PLUS, has a position in EOG.

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