5 Best Oil and Gas Drilling Stocks to Buy Now

4. Noble Corporation plc (NYSE:NE)

Number of Hedge Fund Holders: 36

Noble Corporation plc (NYSE:NE) ranks among the best oil and gas drilling stocks to buy now. On May 7, Barclays analyst J. David Anderson upgraded a number of energy companies, including Noble Corporation plc (NYSE:NE), to Overweight, stating that the Middle East supply shock is expected to be a key market event, resulting in fundamentally elevated oil prices and a multiyear upstream spending cycle.

In terms of upstream spending, Barclays now forecasts 9%-10% growth in 2027 and roughly double-digit growth in 2028, a significant increase from its previous prediction of 3%-5%.

Additionally, close to the end of April, Noble Corporation plc (NYSE:NE) secured new drilling contracts and extensions for six floaters in its fleet of rigs across several regions. In the first quarter of 2026, 68% of Noble’s fleet of 24 marketed floaters were contracted, up from 62% in the previous quarter. Since the previous quarter, contract awards have added about five rig years of new floater backlog.

According to the company, the most recent day rate arrangements for Tier-1 drillships have gone up modestly to the low- to mid-$400,000 range. As a result of the contracts, Noble’s backlog now stands at $7.5 billion.

Noble Corporation plc (NYSE:NE) is an offshore drilling contractor for the oil and gas industry globally. It offers contract drilling services through its fleet of mobile offshore drilling equipment. The company also runs drilling rigs like floaters and jackups.