Energy, long the darling of Wall Street and growth investors, has been decimated by the drop in oil prices. With West Texas Intermediate (WTI) declining over $25 a barrel this year, many investors have sold and fled for the hills. So what are investors looking to keep an energy allocation in a long-term growth portfolio to do? In a new research note, the analysts at Cowen say to keep it simple and buy two mega-cap leaders that have been around and will stay around long after this pricing volatility has passed. Other Wall Street firms feel the same way about the market giants.

The Cowen team says investors should focus on the two mega-cap energy leaders for not only future growth and earnings, but for safety in a volatile energy sector. Both are rated Outperform.

Chevron Corp. (NYSE: CVX) is a perfect story for investors looking to stay long the energy sector. The Cowen team loves the large dividend, reasonable valuation and sector-leading unit profitability. The analysts point out that the third-quarter numbers were extremely solid, and the company is holding profitability well despite the falling oil prices. They also point to the major capital projects that remain on track, while the Permian growth story is continuing to be very impressive.

Chevron investors are paid an outstanding 3.6% dividend. Cowen raises the price target on the stock from $133 to $135. The Thomson/First Call consensus target is $133.16. The stock closed on Monday at $117.78 a share.

Exxon Mobil Corp. (NYSE: XOM) is the other energy sector behemoth that the Cowen analysts are very positive on. The Cowen team noted the strength of the integrated giant plays a significant part in the company’s very solid third-quarter earnings report. They conceded that while the bar had been set low due to very disappointing second-quarter numbers, the Cowen analysts believe that continued steady operating and financial results likely will lead to multiple expansion. They also point out that the company’s global downstream chemical segment plays a huge part for Exxon, one that many on Wall Street do not fully appreciate.

Exxon investors are paid a very respectable 2.9% dividend. Cowen raises the price target to $108 from $106. The consensus price objective is lower at $101.21. Shares closed trading on Monday at $95.26.

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Despite the drop in oil prices, worldwide demand continues to grow, and Middle East oil-producing areas are, and will remain, very dangerous and volatile supply zones. Long-term investors with three- to five-year horizon could do very well by adding these top stocks to buy at current trading levels.

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