In this article, we are going to discuss the 10 high yield crude oil stocks to buy now.
Oil stocks are known for their high and regular dividends, thanks to their strong free cash flows and healthy balance sheets. The industry received a significant boost in the first quarter of 2026, driven primarily by the soaring oil prices amid the Middle East war. Moreover, the global supply disruptions caused a massive spike in refining crack spreads, causing the US refining margins to soar by an average of around 73% YoY during the quarter.
As a result, 38 of the 40 upstream companies in the S&P 500 ended Q1 in positive territory, while the Big Three refiners also averaged 48.6% returns. At the same time, the midstream sector was led by tanker stocks, which achieved gains of over 45%.
While the fragile ceasefire between the warring parties still remains intact, it has repeatedly been threatened by an exchange of strikes over the last few days. As a result, Brent crude prices are still hovering around $94 per barrel, far above the average mark of $69 per barrel seen in 2025.
Moreover, analysts expect the soaring oil prices to remain firm even if the war heads towards a resolution, as it will take quite some time for the trade flows through Hormuz to reach pre-crisis levels.
According to JP Morgan’s base case scenario, a June reopening of the waterway of Hormuz would keep Brent oil price at around $100 per barrel for the rest of the ongoing year. The firm is forecasting that a longer-lasting closure would add about $5 in the third quarter and $15 in the fourth quarter, due to the faster depletion of stocks.
With that said, here are the Best Crude Oil Stocks for High Dividends.
Our Methodology
To collect data for this article, we referred to screeners to identify crude oil stocks that had an annual dividend yield of over 3%, as of June 8. We then limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. The following are the Best Oil Stocks to Buy for Dividends.
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10. Permian Resources Corporation (NYSE:PR)
Dividend Yield as of June 8: 3.16%
Permian Resources Corporation (NYSE:PR) is an independent oil and natural gas company with operations focused in the Permian Basin of the United States.
On May 27, Mizuho analyst William Janela boosted the firm’s price target on Permian Resources Corporation (NYSE:PR) from $26 to $27, while maintaining an ‘Outperform’ rating on the shares. The revised target reflects an upside of almost 41% from the current price level.
Mizuho expects the ongoing Middle East war to have a lasting impact on global oil prices and refining margins. As a result, the firm raised its oil price outlook for 2026 and 2027 by 25% and 6%, respectively. Similarly, the analyst also significantly increased its outlook for US refining cracks by 61% and 51%.
According to Mizuho, a pullback in energy stock valuations, despite the strong commodity prices, would give investors an opportunity to seek “alpha” within the US oil sector. The analyst firm revised its ratings and price targets across the group.
9. Patterson-UTI Energy, Inc. (NASDAQ:PTEN)
Dividend Yield as of June 8: 3.32%
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries.
On June 4, Goldman Sachs trimmed its price target on Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from $23 to $13, but kept its ‘Buy’ rating on the shares. The lowered target still reflects an upside potential of over 21% from the current price level.
Goldman Sachs highlighted Patterson-UTI’s recently increased second-quarter guidance, driven by the increased demand and higher pricing, which is an attractive way for investors to gain exposure to the North American energy market. According to the analyst, the new price target comes on the back of increased EBITDA estimates, reflecting the expectations for higher activity and improved pricing across drilling and pressure pumping in North America.
On the other hand, RBC Capital slightly raised its price target on Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from $14 to $15 on May 29. The firm also maintained its ‘Outperform’ rating on the stock.
8. Murphy Oil Corporation (NYSE:MUR)
Dividend Yield as of June 8: 3.48%
Murphy Oil Corporation (NYSE:MUR) is a global independent oil and natural gas exploration and production company.
On June 4, KeyBanc upgraded Murphy Oil Corporation (NYSE:MUR) from ‘Sector Weight’ to ‘Overweight’ and assigned the stock a price target of $48, representing an upside of over 24% from the current levels.
According to the analyst, the upgrade was driven by Murphy’s “profound cash flow uplift” from unhedged oil exposure, which is a “game changer for balance sheet and cash return optionality.” The company presents a significant exposure to the soaring crude prices, as around 50% of its 2026 output is oil and none of it is hedged. The $20 per barrel boost in KeyBanc’s oil price deck creates an additional $666 million in cash flows for Murphy, all else equal.
Moreover, Murphy Oil confirmed a significant oil discovery offshore Vietnam earlier this year, and Keybanc believes that the company offers “idiosyncratic” Vietnam catalysts. The firm noted that the recent pullback in the stock offers an attractive entry point for investors.
7. Chevron Corporation (NYSE:CVX)
Dividend Yield as of June 8: 3.76%
Next on our list of the Best Oil Stocks for Dividends is Chevron Corporation (NYSE:CVX). The company manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.
Chevron Corporation (NYSE:CVX) has raised its dividend for 39 consecutive years, granting it the coveted title of a Dividend Aristocrat. The company maintained its strong commitment to shareholders even through multiple commodity downturns, including the oil market collapse in 2020, as its business has been designed to comfortably cover the payout even at crude prices below $50 per barrel.
To sustain its high distributions, Chevron Corporation (NYSE:CVX) expects to grow its free cash flow at a CAGR of more than 10% through 2030 at $70 oil. A significant catalyst to support this growth is the Tengizchevroil expansion in Kazakhstan, which is expected to add around $6 billion to the company’s annual free cash flow.
Chevron also revealed in its Q1 report last month that it remains on track to achieve its $3 to $4 billion structural cost reduction target by year-end. The program will help lower the oil and gas giant’s breakeven point even further and enhance profitability across cycles.
6. Equinor ASA (NYSE:EQNR)
Dividend Yield as of June 8: 4.05%
Equinor ASA (NYSE:EQNR) is an international energy company headquartered in Norway, with over 25,000 employees in around 20 countries worldwide.
On June 5, TD Cowen analyst Jason Gabelman raised the firm’s price target on Equinor ASA (NYSE:EQNR) from $40 to $42, while maintaining a ‘Hold’ rating on the shares. The target boost reflects an upside of 12% from the current levels.
TD Cowen has high expectations for Equinor’s upcoming Capital Markets Day on June 16. The analyst is projecting the company to raise its buyback program from $1.5 billion to $4 billion for 2026, with a potential for a buyback guide also for 2027.
The optimism comes after the Norwegian energy giant delivered its highest production ever of more than 2.3 million barrels per day in the first quarter, up 9% from the same period last year. The high production, coupled with the soaring prices, allowed the company to deliver an adjusted operating income of $9.8 billion and net income of $3.1 billion.
In February, Equinor ASA (NYSE:EQNR) guided towards a cash flow from operations of $16 billion after tax in 2026. However, the company revealed in May that this number could be around $8 billion higher, assuming that Brent averages $85 per barrel and European gas prices of $13 per MBtu this year.
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