In this article, we will take a look at the 5 Best Oil and Gas Drilling Stocks to Buy Now. For a deeper discussion and an expanded list, please see 7 Best Oil and Gas Drilling Stocks to Buy Now.

5. Sable Offshore Corp. (NYSE:SOC)

Number of Hedge Fund Holders: 34

Sable Offshore Corp. (NYSE:SOC) ranks among the best oil and gas drilling stocks to buy now. On June 6, Roth Capital analyst Leo Mariani maintained his Buy rating on Sable Offshore Corp. (NYSE:SOC) following a Politico report that states that the Trump presidential administration is strongly considering the formation of a major petroleum reserve in California.

According to the firm, should Sable Offshore Corp. (NYSE:SOC) be listed as a key supplier to a new California reserve, Energy Secretary Chris Wright may utilize eminent domain in order to secure the company’s operations on state property.

According to Roth, there is a “reasonable likelihood” that Sable Offshore Corp. (NYSE:SOC) would significantly contribute to a future reserve in California, which might render any present or future lawsuit against the company moot.

Additionally, Benchmark reaffirmed its Hold rating on Sable Offshore Corp. (NYSE:SOC) on June 2 in response to the company’s updated operational and financial projections.

With production continuing uninterrupted, Sable Offshore offered longer-term guidance on its Santa Ynez operations.

Sable Offshore Corp. (NYSE:SOC) operates as an independent oil and gas company with offshore California production platforms.

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.

3. Seadrill Limited (NYSE:SDRL)

Number of Hedge Fund Holders: 42

Seadrill Limited (NYSE:SDRL) ranks among the best oil and gas drilling stocks to buy now. On May 11, Seadrill Limited (NYSE:SDRL) posted better-than-expected earnings for the first quarter of 2026, with an EPS of -$0.11, much better than the predicted -$0.2758. The company also outperformed revenue forecasts by $358 million, compared to a predicted $326.75 million, representing a 9.56% surprise.

Seadrill Limited (NYSE:SDRL) also increased its full-year 2026 outlook, estimating operational revenues of $1.43 billion to $1.48 billion, minus reimbursable revenues. The company forecasts EBITDA to be between $370 million and $420 million, reflecting improved project management and operational efficiency.

The same day, Seadrill Limited (NYSE:SDRL) issued its Fleet Status Report, which detailed contract coverage related to its 14 active offshore drilling rigs and provided insight into activities until early 2031.

The report also highlighted recent contract awards, including West Capella’s deployment to Malaysia for PTTEP, which has a total contractual worth of about $157 million for a 440-day period beginning March 2027, with pricing options available for a further 150 days.

Seadrill Limited (NYSE:SDRL) provides offshore drilling services. It owns and operates drill ships, semi-submersibles, and jack-ups. It works in three segments: harsh environment, floaters, and jack-up rigs.

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.

1. Transocean Ltd. (NYSE:RIG)

Number of Hedge Fund Holders: 63

Transocean Ltd. (NYSE:RIG) ranks among the best oil and gas drilling stocks to buy now. Following recent contract renewals with Petrobras, Barclays reaffirmed its Equalweight rating and $6 price target for Transocean Ltd. (NYSE:RIG). The company has six rigs contracted with Petrobras, four of which are blend/extend prospects.

According to Barclays, the extensions suggest a need for deepwater rigs, despite Petrobras’ intention to reduce costs in the short term via blend/extend agreements.

Similarly, on May 19, BofA increased its price target for Transocean Ltd. (NYSE:RIG) to $4 from $3.50 while maintaining an Underperform rating on the stock. The firm, having upgraded its oilfield services models for Q1 results and 10-Q reports, noted that its average predictions for 2027 and 2028 EBITDA are 10% and 16% higher than the average, respectively.

In Q1, the company achieved contract drilling revenue of $1.08 billion, aided by a solid revenue efficiency of 97.3%. During the quarter, the company built up $1.6 billion in contract backlog. Transocean Ltd. (NYSE:RIG) also said that it signed new or extended contracts for five rigs during the quarter, bringing its total backlog to $7.1 billion.

Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a strong focus on ultra-deepwater and harsh environment drilling services.

READ NEXT: Starter Stock Portfolio: 14 Safe Stocks to Buy Now and 40 Most Popular Stocks Among Hedge Funds Heading Into 2026.

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