5 Best Oil and Gas Drilling Stocks to Buy Now

2. Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Number of Hedge Fund Holders: 51

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) ranks among the best oil and gas drilling stocks to buy now. On May 27, Piper Sandler boosted Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s price target to $13 from $12 while keeping a Neutral rating on the company’s shares. The firm highlighted the company’s improved outlook for US shale operations.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) released an investor presentation adjusting its second-quarter 2026 EBITDA expectations to $220 million, up from the $206 million estimate. The company intends to have 95 land rigs in the US at the end of the second quarter of 2026, up from 92 to 95 rigs previously.

Compared with early 2026, leading-edge day rates increased by mid-single digits. Given pricing tailwinds, the company said that second-quarter 2026 frac results were better than originally expected, with additional improvements projected in the third quarter of 2026.

In order to enable rig upgrades to Tier-1+ super-spec and investments in next-generation frac equipment, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) further stated that it boosted its 2026 capital expenditure budget by $100 million.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) provides drilling and completion services to oil and natural gas exploration and production companies in the United States, Canada, Colombia, and internationally.

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