10 Best Oil Drilling Stocks to Buy According to Hedge Funds

7. Helmerich & Payne (NYSE:HP)

Number of Hedge Fund Holders: 27

Helmerich & Payne (NYSE:HP) is one of the best oil drilling stocks according to hedge funds, especially following a fresh validation from Wall Street. On July 15, Piper Sandler initiated Helmerich & Payne (NYSE:HP)’s coverage with a Neutral rating and set a $20 price target, implying about 20% upside from the ~$16 share price. That call comes amid a challenging land-drilling environment, with U.S. rig counts expected to drop from 522 to 500 and oil prices hovering below $70, yet Piper’s analyst believes H&P’s advanced rigs and automation tools position it well to weather the storm.

Despite the Neutral rating, the deck isn’t stacked against H&P. The firm just reported 47% year-over-year revenue growth last quarter, driven partly by its acquisition of KCAD and expansion overseas.

Helmerich & Payne, based in Tulsa, is a leading land drilling contractor with a fleet of automated FlexRigs. It services customers across North America, the Gulf, and select international markets, focusing on performance-driven drilling tech and operational reliability.