Stifel initiated coverage of Patterson-UTI Energy with a Buy rating and $19 price target following its combination with NexTier. The new entity’s strong presence in both U.S. drilling and pressure pumping position it well to deliver solid earnings and free cash flow in 2024 and 20225, and return excess cash to shareholders, the analyst tells investors in a research note. The firm expects a solid crude oil price environment will drive higher 2024 U.S. drilling and completion activity following the softness in the second half of 2023.
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