In this article, we will list the 5 Best Natural Resources Stocks to Buy Now. Please visit 8 Best Natural Resources Stocks to Buy Now if you would like to see the extended list and the methodology behind it.

5. Exxon Mobil Corporation (NYSE:XOM)

On May 26, 2026, Barclays analyst Betty Jiang raised the firm’s price target on Exxon Mobil Corporation (NYSE:XOM) to $182 from $163 and maintained an Overweight rating on the shares. Jiang said depleting inventories, shrinking OPEC spare capacity, and a “muted” U.S. production response to the Middle East war are reinforcing a tighter oil macro backdrop that is not fully reflected in equities. Barclays said this sets up “oily” exploration and production companies for a share re-rating after the conflict, while also cutting its gas price outlook on near-term oversupply.

Meanwhile, Mizuho raised the firm’s price target on Exxon Mobil Corporation (NYSE:XOM) to $175 from $159 and maintained a Neutral rating on the shares. Mizuho said it expects the Iran crisis to have a prolonged impact on global oil prices and refining cracks. The firm increased its 2026 and 2027 oil price outlook by 25% and 6%, respectively, and raised its forecast for U.S. refining cracks by 61% and 51%. Mizuho added that a pullback in stock valuations despite elevated commodity prices creates an opportunity for investors to seek “alpha” in U.S. oil and gas.

On May 21, 2026, Exxon Mobil Corporation (NYSE:XOM) was reportedly in talks to acquire rights to produce oil in Venezuela nearly two decades after it was effectively expelled from the country, according to The New York Times’ Anatoly Kurmanaev. The report said a finalized deal would mark Exxon’s return to the country after years of legal battles.

Exxon Mobil Corporation (NYSE:XOM) explores for and produces crude oil and natural gas in the United States, Canada, and internationally.

4. Hudbay Minerals Inc. (NYSE:HBM)

On May 21, 2026, Barclays analyst Richard Garchitorena initiated coverage of Hudbay Minerals Inc. (NYSE:HBM) with an Overweight rating and a $30 price target. Garchitorena said investments in “transformative” technologies and higher trade barriers are driving renewed growth across metals and mining. Barclays cited copper, rare earths, and uranium as key beneficiaries of this backdrop, while expecting copper demand to outpace supply through the end of the decade and steel prices to continue moving higher in 2026. The firm was also positive on gold prices and gold equities and expects “significant demand growth” for rare earth magnets.

Earlier in May, Hudbay Minerals Inc. (NYSE:HBM) reported Q1 adjusted EPS of 40c, ahead of the consensus estimate of 34c. Revenue totaled $757.3M, above the consensus estimate of $687.05M. The company reported consolidated copper and gold production of 27,929 tons and 61,700 ounces, respectively. CEO Peter Kukielski said Hudbay delivered record revenue, record adjusted EBITDA, and record adjusted earnings, driven by steady operations, expanded margins from copper and gold exposure, and cost control.

Hudbay Minerals Inc. (NYSE:HBM) reaffirmed its 2026 production guidance. The company still expects 110K-138K tons of copper production and 217K-272K ounces of gold production for 2026.

Hudbay Minerals Inc. (NYSE:HBM) is a diversified mining company focused on the exploration, development, operation, and optimization of properties in North and South America.

3. Eni S.p.A. (NYSE:E)

On May 25, 2026, Eni S.p.A. (NYSE:E) and partners Petroci and Vitol approved the final investment decision for the Baleine Phase 3 project. Eni called the approval a “significant milestone”. The full-field Phase 3 development is expected to increase oil production from 60,000 to 150,000 barrels per day and gas output from 80 to 200 million cubic feet per day. CEO Claudio Descalzi said Baleine reflects Eni’s exploration and production model, including fast-track phased development and a focus on sustainability.

Last month, BNP Paribas upgraded Eni S.p.A. (NYSE:E) to Outperform from Neutral with a $64.30 price target. BNP Paribas said Eni has delivered on its strategic objectives over the past two years and has high cash flow exposure to higher oil prices.

Meanwhile, Citi raised the firm’s price target on Eni S.p.A. (NYSE:E) to EUR 24 from EUR 20.50 and maintained a Neutral rating on the shares. Citi said the Middle East conflict could lower the cost of equity for oil and gas stocks and create “structural re-engagement” from the investment community. Citi named TotalEnergies, ConocoPhillips, and BP as its top picks.

Eni S.p.A. (NYSE:E) operates as an integrated energy company across Italy, the rest of Europe, the United States, Asia, Africa, and international markets.

2. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)

On May 21, 2026, Grupo Santander upgraded Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) to Outperform from Neutral with a $24 price target. Grupo Santander cited the company’s better upstream momentum and “more contained” downstream risks for the upgrade.

Last month, BofA upgraded Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) to Buy from Neutral with a price target of $24.80, up from $18.70, after incorporating a higher oil price deck into its model. BofA said it still sees “appealing” dividend yields for 2026-27, even with higher capex spending.

JPMorgan also raised the firm’s price target on Petrobras to $24 from $16.50 and maintained an Overweight rating on the shares. JPMorgan cited “compelling valuations for oil companies” amid higher oil prices and said Petrobras is “emerging as a clear leader,” supported by “highly profitable” upstream operations and “robust” cash flow. The firm also viewed recent share price weakness as a “compelling entry point” and said it is “pounding on the table” at current levels.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) explores, produces, and sells oil and gas in Brazil, China, the United States, the Americas, Asia, Europe, Singapore, and internationally.

1. Agnico Eagle Mines Limited (NYSE:AEM)

On May 26, 2026, CIBC raised the firm’s price target on Agnico Eagle Mines Limited (NYSE:AEM) to $310 from $304 and maintained an Outperformer rating on the shares. CIBC cited the company’s “favorable” Q1 results and potential exploration upside for the target increase.

Meanwhile, Barclays initiated coverage of Agnico Eagle Mines Limited (NYSE:AEM) with an Overweight rating and a $213 price target. Barclays analyst Richard Garchitorena said investments in “transformative” technologies and higher trade barriers are driving renewed growth across metals and mining. Barclays also said it is positive on gold prices and gold equities and expects “significant demand growth” for rare earth magnets.

On May 20, 2026, Agnico Eagle Mines Limited (NYSE:AEM) announced a subscription agreement with Wallbridge Mining Company to purchase 243,927,966 common shares of Wallbridge at C$0.092 per share for a total consideration of C$22,441,373. After closing, Agnico Eagle is expected to own 359,285,979 common shares and 6,275,897 warrants, representing approximately 19.62% of Wallbridge’s issued and outstanding common shares on a non-diluted basis and 19.90% on a partially diluted basis.

Agnico Eagle Mines Limited (NYSE:AEM) is a gold mining company engaged in the exploration, development, and production of precious metals, including gold, silver, copper, and zinc.

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