Morgan Stanley raised the firm’s price target on Patterson-UTI (PTEN) to $19 from $18 and keeps an Overweight rating on the shares after the company announced plans to merge with NexTier Oilfield (NEX). Robust cost-out and operational efficiency-related synergy targets seem achievable, the analyst tells investors in a research note.
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Published first on TheFly
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Read More on PTEN:
- Patterson-UTI price target raised to $13 from $12 at Citi
- NexTier Oilfield downgraded to Neutral from Buy at Citi
- Patterson-UTI, NexTier to join in merger of equals with $5.4B enterprise value
- Patterson-UTI Energy and NexTier Oilfield Solutions to Combine in Merger of Equals, Creating Industry Leading Drilling and Completions Services Provider
- Patterson-UTI holders likely more excited over deal talks, JPMorgan says