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U.S. Oil and Gas Drilling Industry Analysis

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies10
  • 7D2.8%
  • 3M26.4%
  • 1Y-2.9%
  • YTDn/a

The Oil and Gas Drilling industry is up 3.0% in the last week, with Noble up 9.1%. Despite this gain, the industry's performance has been flat over the past year. Earnings are forecast to grow by 55% annually.

Industry Valuation and Performance

Has the U.S. Oil and Gas Drilling Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 17 Jan 2026US$24.3bUS$23.7b-US$2,231,281,000.0013.7x-10.9x1x
Mon, 15 Dec 2025US$22.5bUS$23.7b-US$2,231,281,000.0013.1x-10.1x0.9x
Wed, 12 Nov 2025US$22.1bUS$23.4b-US$2,176,927,000.0014.8x-10.1x0.9x
Fri, 10 Oct 2025US$20.2bUS$23.5b-US$2,026,761,000.0014.8x-10x0.9x
Sun, 07 Sep 2025US$19.0bUS$23.5b-US$2,026,761,000.0016.1x-9.4x0.8x
Tue, 05 Aug 2025US$16.4bUS$22.9b-US$515,713,000.009.5x-31.8x0.7x
Thu, 03 Jul 2025US$16.6bUS$22.9b-US$423,533,000.009.8x-39.2x0.7x
Sat, 31 May 2025US$15.3bUS$22.9b-US$423,533,000.008.4x-36.2x0.7x
Mon, 28 Apr 2025US$14.5bUS$22.2b-US$58,875,000.006x-245.7x0.7x
Wed, 26 Mar 2025US$18.3bUS$22.4b-US$8,645,000.007.3x-2121.7x0.8x
Fri, 21 Feb 2025US$20.2bUS$23.1bUS$718.6m6.9x28.1x0.9x
Sun, 19 Jan 2025US$24.1bUS$23.1bUS$782.8m8.1x30.8x1x
Tue, 17 Dec 2024US$21.6bUS$22.2bUS$698.6m5.9x30.9x1x
Thu, 14 Nov 2024US$23.8bUS$22.2bUS$712.8m6.2x33.4x1.1x
Sat, 12 Oct 2024US$23.7bUS$20.8bUS$2.0b9.6x12.1x1.1x
Mon, 09 Sep 2024US$23.2bUS$20.8bUS$2.0b8.8x11.9x1.1x
Wed, 07 Aug 2024US$27.7bUS$21.9bUS$1.9b9.5x14.2x1.3x
Fri, 05 Jul 2024US$30.6bUS$21.0bUS$1.6b11.2x19.8x1.5x
Sun, 02 Jun 2024US$32.0bUS$21.0bUS$1.6b11.4x20.6x1.5x
Tue, 30 Apr 2024US$31.3bUS$19.9bUS$1.1b11.8x29.5x1.6x
Thu, 28 Mar 2024US$29.1bUS$18.5bUS$915.8m12x31.8x1.6x
Sat, 24 Feb 2024US$25.9bUS$18.4bUS$217.7m19.6x118.8x1.4x
Mon, 22 Jan 2024US$25.4bUS$17.5b-US$34,902,000.0014.8x-726.6x1.4x
Wed, 20 Dec 2023US$27.7bUS$17.5b-US$34,902,000.0016.3x-792.8x1.6x
Fri, 17 Nov 2023US$27.4bUS$17.5b-US$34,902,000.0016.9x-786.2x1.6x
Sun, 15 Oct 2023US$31.5bUS$16.7bUS$299.5m16.5x105.2x1.9x
Tue, 12 Sep 2023US$30.4bUS$16.7bUS$299.5m11x101.5x1.8x
Thu, 10 Aug 2023US$29.7bUS$16.6bUS$346.1m15.9x86x1.8x
Sat, 08 Jul 2023US$26.8bUS$15.7bUS$73.9m19.1x362.1x1.7x
Mon, 05 Jun 2023US$23.7bUS$15.7bUS$73.9m17.9x320.8x1.5x
Wed, 03 May 2023US$21.5bUS$15.2b-US$183,816,000.0013.2x-117.2x1.4x
Fri, 31 Mar 2023US$23.8bUS$14.3b-US$501,182,000.0026x-47.5x1.7x
Sun, 26 Feb 2023US$25.1bUS$13.7b-US$628,687,000.0028.2x-39.9x1.8x
Tue, 24 Jan 2023US$27.2bUS$12.9b-US$1,194,661,000.0034.2x-22.8x2.1x
Price to Earnings Ratio

-22.8x


Total Market Cap: US$27.2bTotal Earnings: -US$1,194,661,000.00Total Revenue: US$12.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Drilling Industry Price to Earnings3Y Average -65.8x202420252026
Current Industry PE
  • Investors are pessimistic on the American Oil and Gas Drilling industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 1.3x is higher than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Drilling industry have deteriorated over the last three years.
  • Meanwhile revenues for these companies have grown 23% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has caused losses to expand.

Industry Comparison

How does U.S. Oil and Gas Drilling compare with similar industries?

US Market-0.34%
Energy2.83%
Energy Services2.97%
Oil and Gas Drilling2.81%
Oil and Gas Services2.99%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NE NobleUS$32.697.3%
+US$354.2m		-2.5%PE22.9x
HP Helmerich & PayneUS$32.385.7%
+US$172.3m		-11.0%PS0.9x
PTEN Patterson-UTI EnergyUS$7.155.0%
+US$128.9m		-23.0%PS0.6x
VAL ValarisUS$53.992.5%
+US$91.8m		12.4%PE9.4x

Latest News

NBR
US$62.06
Nabors Industries
7D
-2.1%
1Y
-7.0%
PTEN
US$7.15
Patterson-UTI Energy
7D
5.0%
1Y
-23.0%

PTEN: Share Repurchases And Mixed Sector Outlook Will Shape Cash Returns

Narrative Update The updated analyst price target for Patterson-UTI Energy reflects a modest recalibration, with recent Street research split between a move up to US$9 and trims toward US$6. Analysts are factoring in slightly lower modeled fair value, a reduced discount rate, small adjustments to revenue growth assumptions, and a marginally lower future P/E multiple following Q3 results and guidance.
RIG
US$4.23
Transocean
7D
-0.5%
1Y
4.2%

RIG: Offshore Contract Wins Will Likely Struggle Against Prolonged Weak Crude Prices

Narrative Update Analysts have lifted their price targets on Transocean to a range of about $4.25 to $5.00, citing steady U.S. drilling and completions activity and increased optimism around new offshore contract signings, despite crude price headwinds that could still affect dayrate momentum. Analyst Commentary Recent research points to a cautiously constructive stance on Transocean, with price targets generally clustered in the mid single digit range.
HP
US$32.38
Helmerich & Payne
7D
5.7%
1Y
-11.0%

HP: Saudi Rig Reactivations And Leadership Transition Will Support Fairly Valued Shares

Analysts have lifted their price target for Helmerich & Payne from about US$27.20 to roughly US$30.27, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E as the key drivers of the change. What's in the News CEO John Lindsay plans to retire after the March 4, 2026 Annual Meeting.
NE
US$32.69
Noble
7D
7.3%
1Y
-2.5%

NE: Future Earnings Power And Share Repurchases Will Drive Upside

Analysts have kept their price target for Noble steady at $38.00, citing minor adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions that together leave their valuation view broadly unchanged. What's in the News Noble reported that from July 1, 2025 to September 30, 2025, it repurchased 0 shares for $0 million under the buyback announced on November 5, 2024, while completing a total of 1,048,262 shares repurchased for $29.82 million, equal to 0.66% of the company (Key Developments).
SDRL
US$34.72
Seadrill
7D
-2.1%
1Y
-7.5%

SDRL: New Offshore Contracts And Buybacks Will Support Future Upside

Analysts have trimmed their price target on Seadrill by US$0.49 per share, citing slightly lower discount rate assumptions, modestly higher projected revenue growth and profit margins, and a marginally reduced future P/E multiple in their updated models. What's in the News Seadrill announced new contract awards for the West Neptune, Sevan Louisiana and Sonangol Quenguela rigs, covering work in the U.S. Gulf and offshore Angola (Client Announcements).
VAL
US$53.99
Valaris
7D
2.5%
1Y
12.4%

VAL: Future Offshore Contracts And Buybacks Will Support Balanced Risk Profile

Analysts now see Valaris’ fair value at US$49.00, up from US$38.00, citing updated assumptions around revenue growth, a lower discount rate, and a slightly higher future P/E multiple as key drivers of the change. What's in the News Valaris secured a multi-year contract with Shell offshore Brazil for drillship VALARIS DS-8, expected to start in the first quarter of 2027, with an estimated 800-day duration and total contract value of about US$300 million.