Ask Matt: Is now a buying opportunity for oil stocks?

— -- Q: When will oil and gas companies finally see their stocks bounce back?

A: Oil and gas stocks are getting clobbered this year as the price of crude oil falls. But is this creating a huge buying opportunity for investors?

Each of the companies you asked about has its own set of fundamentals, risks and opportunities. ConocoPhillips is an integrated oil company involved not only in relatively risky exploration activities, but also in refining and marketing. The diversified nature of ConocoPhillips makes the stock less volatile than pure exploration companies, which has been clear this year. While the exploration stocks have suffered most as oil prices fall, ConocoPhillips' stock has held up relatively well.

Baker Hughes has issues of its own. The energy company is in the process of integrating its acquisition of BJ Services. Additionally, BJ Services was a big player in gas drilling, an area that's especially being hurt by weaker prices.

Still, Baker Hughes is a stock that's more emblematic of what's hurting the oil and gas industry right now. Not only have lower energy prices hurt Baker Hughes, but there's also the risk of lower levels of drilling outside the U.S. and the rising cost of energy production.

And despite these concerns, the S&P Capital IQ analyst who covers Baker Hughes rates the stock a buy. Given that Baker Hughes' revenue is still expected to grow by 13% in 2012, the analyst sees the stock as a good value under $51 a share.

Remember, though, that all the companies you're asking about come with their own set of situations. It's critical for investors looking to buy individual stocks to take the time to understand each company in detail and make sure the company is positioned to take advantage of trends that go in the industry's favor.

Matt Krantz is a financial markets reporter at USA TODAY and author of Investing Online for Dummies and Fundamental Analysis for Dummies. He answers a different reader question every weekday in his Ask Matt column at money.usatoday.com. To submit a question, e-mail Matt at mkrantz@usatoday.com. Follow Matt on Twitter at: twitter.com/mattkrantz