In this article, we will look at the 8 Best Natural Resources Stocks to Buy Now.
Natural resources stocks are getting more attention as investors revisit energy and mining companies after years of underinvestment, tighter commodity markets, and persistent geopolitical risk. For this list, the focus is on oil and gas exploration and production, integrated oil and gas, and diversified mining. These are not all moving on the same catalyst, but they sit in parts of the market where supply discipline, capital returns, and demand for energy and critical materials matter.
Barings says natural resource equities can provide “inflation protection and portfolio diversification,” while adding that the next phase of global growth will likely be “energy intensive” and create “structural demand for key materials.” J.P. Morgan Asset Management makes a similar point, saying “Resource scarcity and capital discipline” are now more important drivers than simple volume growth, while “valuations remain conservative.” BlackRock also frames the sector as an “effective diversifier,” noting that many mining and energy companies now have “stronger balance sheets” and that “Valuations appear attractive.” In summary, the thesis is not just about higher commodity prices. It is also about companies being more disciplined than in past cycles.
With that in mind, let’s take a look at the 8 Best Natural Resources Stocks to Buy Now.
Our Methodology
We used the Finviz screener to identify natural resources stocks that are viewed favorably by analysts. We then limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
8. Patterson-UTI Energy, Inc. (NASDAQ:PTEN)
On May 19, 2026, BofA analyst Saurabh Pant raised the firm’s price target on Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to $13.50 from $12 and maintained a Buy rating on the shares. Pant said BofA updated its oilfield services models following Q1 earnings and 10-Q reports, noting that the firm’s 2027 and 2028 EBITDA forecasts are 10% and 16% above consensus, respectively, on average.
Susquehanna also raised the firm’s price target on Patterson-UTI Energy, Inc. to $14 from $13 and maintained a Positive rating on the shares. Susquehanna updated its model and raised its Q2 2026 and full-year 2026 estimates following comments at a recent investor conference.
Last month, Patterson-UTI Energy, Inc. reported Q1 EPS of (6c), compared to the consensus estimate of (10c). Revenue totaled $1.18B, above the consensus estimate of $1.1B. CEO Andy Hendricks said the company delivered “solid operating results” despite a challenging commodity environment. Hendricks also said the second quarter represents a market inflection as commodity prices improve, with the company activating drilling rigs later in Q2 and discussing price increases in Completion Services as demand rises and industry utilization remains high.
Patterson-UTI Energy, Inc. provides drilling and completion services to oil and natural gas exploration and production companies in the United States, Canada, Colombia, and internationally.
7. Helmerich & Payne, Inc. (NYSE:HP)
On May 19, 2026, BofA analyst Saurabh Pant raised the firm’s price target on Helmerich & Payne, Inc. to $44 from $41 and maintained a Buy rating on the shares. Pant said BofA updated its oilfield services models following Q1 earnings and 10-Q reports, noting that the firm’s 2027 and 2028 EBITDA forecasts are 10% and 16% above consensus, respectively, on average.
Piper Sandler analyst Derek Podhaizer also raised the firm’s price target on Helmerich & Payne, Inc. to $43 from $41 and maintained an Overweight rating on the shares. Podhaizer said the Energy Security theme dominated management commentary during Q1 earnings season, while Piper Sandler noted that the group setup remains positive as U.S. Land, International, and Offshore activity continue moving in the right direction.
Earlier in May, Helmerich & Payne, Inc. reported Q1 EPS of (38c), compared to the consensus estimate of (2c). Revenue totaled $932M, versus the consensus estimate of $949.64M. President and CEO Trey Adams said H&P delivered “solid operational performance,” reflecting the resilience of its core business and disciplined execution.
Helmerich & Payne, Inc. provides drilling solutions and technologies for oil and gas exploration and production companies.
6. Chevron Corporation (NYSE:CVX)
On May 27, 2026, Mizuho analyst Nitin Kumar raised the firm’s price target on Chevron Corporation (NYSE:CVX) to $230 from $225 and maintained an Outperform rating on the shares. Kumar said Mizuho expects the Iran crisis to have a prolonged impact on global oil prices and refining cracks. The firm raised its 2026 and 2027 oil price outlook by 25% and 6%, respectively, while increasing its forecast for U.S. refining cracks by 61% and 51%. Mizuho said a pullback in stock valuations despite elevated commodity prices creates an opportunity for investors to seek “alpha” in U.S. oil and gas.
Meanwhile, Barclays raised the firm’s price target on Chevron Corporation to $213 from $192 and maintained an Equal Weight rating on the shares. Barclays 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. The firm said this sets up oil exploration and production companies for a share re-rating after the conflict, while also cutting its gas price outlook on near-term oversupply.
Earlier in May, Chevron Corporation reported Q1 adjusted EPS of $1.41, ahead of the consensus estimate of 97c. Revenue totaled $48.61B, below the consensus estimate of $52.7B. Chairman and CEO Mike Wirth said Chevron delivered “solid first quarter performance” despite geopolitical volatility and supply disruptions. Wirth also cited strong operating results in the United States, particularly after the integration of Hess, and continued growth in the Gulf of America and Permian Basin.
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations in the United States and internationally.
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 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 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 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. 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. 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. 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. 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. 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. 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 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 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 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 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 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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