Baker Hughes (BHI) made the right decision to get together with GE  (GE) and it will really pay off when oil eventually climbs higher, says Matt Marietta, energy analyst at Stephens.

Elsewhere in the oil patch, Marietta is positive on shares of Oceaneering International (OII) , saying the oil services provider has proven its ability to generate cash flow while gaining market share across its portfolio.

Superior Energy Services (SPN) is another one of Marietta's top picks. Shares of Superior Energy cratered last month after the oilfield services company reported a wider quarterly loss than expected as international prices for its services remain weak. The stock plunged 20%, although it still remains up about 5% year to date.

Finally, Marietta is a fan of Nabors Industries (NBR) , saying its resilient Middle East North Africa operations remain a positive differentiation point vs. its peers.

"Nabors international business provides ample cash flow stability to offset volatility felt in their U.S. land drilling business," says Marietta.

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