That's been my strategy as well. Energy companies have been crucified, but now you can actually find stocks that are not in trouble because of Enron or California, that have a P/E less than 5 (sometimes a lot less) and still pay quarterly dividends amounting to 5 - 10% returns.
I read an analyst hit piece on one such company, and after saying that their debt to asset ratio was good, had gobs of cash sitting in the bank, had great cash flow, etc turned around and recommended against the stock! Then, in the very next sentence said that this company did pay out a large dividend every year "if you like that sort of thing". Sheesh.
I bought some of this un recommended stock and watched it appreciate 35% in three weeks. Sheesh indeed.
(In fairness I should say that it went down in the last two days, like most other energy stocks, but it was still 25% above where it was three weeks ago at today's close.)