Despite the widespread occurrence of pendant drops in nature, there is still a lack of combined studies on their dynamic and static stability. This study focuses on the dynamic and static stability of elongated drops with either a free or pinned contact line on a plane. We first examine static stability for both axisymmetric and non-axisymmetric perturbations subject to volume or pressure constraints. The stability limits for volume and pressure disturbances (axisymmetric) correspond to the maximum volume and pressure of the drops, respectively. Drops with free contact lines are marginally stable to non-axisymmetric perturbations because of their horizontal translational invariance, whereas pinned drops are stable. The linear dynamic stability is then investigated numerically through a boundary element model, restricted to volume disturbances. Results show that when the stability limit is reached, the first zonal mode has a zero frequency, suggesting that the thresholds for static and dynamic stability are essentially equivalent. Furthermore, natural frequencies experience sharp changes as the stability limit is approached. Another zero frequency mode associated with the horizontal motion of the centre of mass is also revealed by the numerical results, reflecting the horizontal translational invariance of drops with free contact lines. Finally, the frequency spectrum modified by gravity is explored, resulting in the identification of five gravity-induced frequency shift patterns. The frequency shifts break the spectral degeneracy for hemispherical drops with free contact lines, leading to various spectral orderings according to polar and azimuthal wavenumbers.