Sectors & IndustriesEnergyOil & Gas Drilling

Best Oil & Gas Drilling Stocks to Buy Now (2024)

Top oil & gas drilling stocks in 2024 ranked by overall Zen Score. See the best oil & gas drilling stocks to buy now, according to analyst forecasts for the oil & gas drilling industry.

According to Zen Score, the 3 best oil & gas drilling stocks to buy right now are:

Patterson Uti Energy (NASDAQ:PTEN) is the top oil & gas drilling stock with a Zen Score of 63, which is 35 points higher than the oil & gas drilling industry average of 28. It passed 24 out of 38 due diligence checks and has strong fundamentals. Patterson Uti Energy has seen its stock lose -7.54% over the past year, underperforming other oil & gas drilling stocks by -7 percentage points.

Patterson Uti Energy has an average 1 year price target of $15.75, an upside of 36.6% from Patterson Uti Energy's current stock price of $11.53.

Patterson Uti Energy stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 8 analysts covering Patterson Uti Energy, 62.5% have issued a Strong Buy rating, 25% have issued a Buy, 12.5% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Noble (NYSE:NE) is the second best oil & gas drilling stock with a Zen Score of 39, which is 11 points higher than the oil & gas drilling industry average of 28. It passed 16 out of 38 due diligence checks and has average fundamentals. Noble has seen its stock return 17.68% over the past year, overperforming other oil & gas drilling stocks by 18 percentage points.

Noble has an average 1 year price target of $58.25, an upside of 26.49% from Noble's current stock price of $46.05.

Noble stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 4 analysts covering Noble, 50% have issued a Strong Buy rating, 25% have issued a Buy, 25% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Helmerich & Payne (NYSE:HP) is the third best oil & gas drilling stock with a Zen Score of 37, which is 9 points higher than the oil & gas drilling industry average of 28. It passed 14 out of 38 due diligence checks and has average fundamentals. Helmerich & Payne has seen its stock return 14.34% over the past year, overperforming other oil & gas drilling stocks by 15 percentage points.

Helmerich & Payne has an average 1 year price target of $43.71, an upside of 3.03% from Helmerich & Payne's current stock price of $42.43.

Helmerich & Payne stock has a consensus Hold recommendation according to Wall Street analysts. Of the 7 analysts covering Helmerich & Payne, 28.57% have issued a Strong Buy rating, 0% have issued a Buy, 57.14% have issued a hold, while 0% have issued a Sell rating, and 14.29% have issued a Strong Sell.

Out of 2 oil & gas drilling stocks that have issued dividends in the past year, the 2 oil & gas drilling stocks with the highest dividend yields are:

Helmerich & Payne (NYSE:HP) has an annual dividend yield of 4.27%, which is 2 percentage points higher than the oil & gas drilling industry average of 2.56%. Helmerich & Payne's dividend payout is not stable, having dropped more than 10% two times in the last 10 years. Helmerich & Payne's dividend has not shown consistent growth over the last 10 years.

Helmerich & Payne's dividend payout ratio of 51.6% indicates that its dividend yield is sustainable for the long-term.

Patterson Uti Energy (NASDAQ:PTEN) has an annual dividend yield of 2.78%, which is the same as the oil & gas drilling industry average of 2.56%. Patterson Uti Energy's dividend payout is not stable, having dropped more than 10% two times in the last 10 years. Patterson Uti Energy's dividend has not shown consistent growth over the last 10 years.

Patterson Uti Energy's dividend payout ratio of 36.4% indicates that its dividend yield is sustainable for the long-term.

Oil & gas drilling stocks were down -1.22% in the last day, and up 2% over the last week.

We couldn't find a catalyst for why oil & gas drilling stocks are down.

Based on WallStreetZen's Valuation Score, the 3 most undervalued oil & gas drilling stocks right now are:

Patterson Uti Energy (NASDAQ:PTEN) is the most undervalued oil & gas drilling stock based on WallStreetZen's Valuation Score. Patterson Uti Energy has a valuation score of 86, which is 62 points higher than the oil & gas drilling industry average of 24. It passed 6 out of 7 valuation due diligence checks.

Patterson Uti Energy's stock has dropped -7.54% in the past year. It has underperformed other stocks in the oil & gas drilling industry by -7 percentage points.

Noble (NYSE:NE) is the second most undervalued oil & gas drilling stock based on WallStreetZen's Valuation Score. Noble has a valuation score of 43, which is 19 points higher than the oil & gas drilling industry average of 24. It passed 3 out of 7 valuation due diligence checks.

Noble's stock has gained 17.68% in the past year. It has overperformed other stocks in the oil & gas drilling industry by 18 percentage points.

Precision Drilling (NYSE:PDS) is the third most undervalued oil & gas drilling stock based on WallStreetZen's Valuation Score. Precision Drilling has a valuation score of 43, which is 19 points higher than the oil & gas drilling industry average of 24. It passed 3 out of 7 valuation due diligence checks.

Precision Drilling's stock has gained 31.15% in the past year. It has overperformed other stocks in the oil & gas drilling industry by 31 percentage points.