10 Best Oil Drilling Stocks to Buy According to Hedge Funds

3. Noble Corporation plc (NYSE:NE)

Number of Hedge Fund Holders: 41

Noble Corporation plc (NYSE:NE) is one of the best oil drilling stocks according to hedge funds. On July 10, Barclays reaffirmed its Overweight rating and raised its 12-month price target to $30 (from $29), highlighting the company’s solid offshore positioning and backlog strength.

Barclays analyst Eddie Kim emphasized that even in a choppy offshore drilling market, Noble Corp (NYSE:NE)’s modern fleet and contract visibility provide cushioning. They believe rising activity later in the year could drive sustained upside beyond the $30 target.

This isn’t a lukewarm hold, it’s a clear vote of confidence from a top-tier bank. Hedge funds love offshore contractors with rigorous fleets and multi-year deal cover, and this call puts Noble back in the spotlight.

Noble Corporation (NE) is a pure-play offshore drilling contractor with high-spec semis and drillships, focusing on deepwater and ultra-deepwater operations worldwide.