I was thinking of purchasing some stock, seeing that prices of some companies are veeeeeery low compared to before the stock market crash. My plan is a long term investment in a company who's stock is valued at about 1/5 of the price before the collapse. I'm thinking of buying now and holding for about 3-5 years. My logic is that we are in a recession, so the stock is undervalued - it doesn't have much room to go down, so it should go up for the next few years.

The problem is, I don't have a PhD in economics, so I might be interpreting the situation wrong. Maybe it is a terrible time to buy stock and I am basically making a big mistake buying stock right now.

Can anyone with experience in investing and/or economics tell me if my plan is good or doomed to failure?
Thanks for the tips.

@ "Got it"
The company I am looking at actually has to do with natural gas, which is what you said would be a good choice. I read up on them for the past few weeks and they recently sold some assets to get rid of a huge chunk of debt, and are currently considering starting up paying dividends again. Does this sound promising?