By Ben Levisohn

FBRs Rehan Rashid and team choose Consol Energy (CNX ), Noble Energy (NBL ) Schlumberger (SLB ), SunEdison (SUNE ) and Synergy Resources (SYRG ) as their top energy & natural resources stocks for 2015:

Associated Press

The return to cyclicality, driven by U.S. unconventional supply. acceleration in the global conventional resource discovery cycle, and ultimately meaningful demand destruction, is now a reality. The healing process will take time and result in extreme volatility, so we believe that mispriced, company-specific risks and catalysts will be the primary drivers of stock performance.

The folks at FBR explain why they like Schlumberger

Over 2015, we believe investing (vis-à-vis trading) should be limited to those stocks whose secular earnings power is clearly the most likely to significantly expand over the next five years and/or is underestimated at current market multiples. Our favorite among these, Schlumberger has (1) historically outperformed in downcycles and, this time, had its safe haven appeal magnified by Halliburton’s risky, pending acquisition status; (2) the most resilient earnings profile, given its share gain trends, successful self-help initiatives (e.g. the global transformation program), and technology traction/moats; and (3) the financial firepower to both continue to return a meaningful amount of capital to shareholders, and, if and as they arise, to pounce on attractive acquisition opportunities.

call Noble Energy their top pick

In our view, Noble Energy has a strong combination of (1) shale assets that are still immature in their adoption/application of technology, which is scalable; (2) a strong balance sheet; and (3) a portfolio that offers abundant exploration risk/reward potential. Furthermore, we believe the presence of elevated levels of nanoporosity (compared with some of the other shales) has led toa materially higher amount of OOIP to the tune of 60 MMboe to 75 MMboe per section in the Niobrara; this same phenomenon is leading to lower-than-expected declines in the production-type curves.

and see value in small-cap explorer Synergy Resources

Overall, we believe that Synergy offers investors exposure to industry-leading production growth and a solid balance sheet, a unique combination for a small-cap equity. In our view, the market under-appreciates the production potential from new completion techniques; capital efficiency of the mid- to extended-reach lateral program, which is just heating up; and, perhaps more importantly, management’s ability and desire to bring value forward. In addition, the company’s lean cost structure should help protect margins in the face of weaker commodity prices

Consol Energy, meanwhile, has several company-specific catalysts, including its plans for a thermal-coal MLP, the spinoff of its met coal operations and sizable growth potential, while SunEdison could trade as high as $40 if management can continue to grow its pipeline globally, drop down assets into TerraForm, and create meaningful value while continuing to efficiently manage working capital needs on its balance sheet.

Shares of Noble Energy have jumped 5.3% to $45.87 at 10:53 a.m. today, while Schlumberger has climbed 42% to $83.55, Synergy Resources has gained 4.9% to $12.22, Consol Energy has risen 2.8% to $34.63 and SunEdison is up 0.8% to $18.33.

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