Citi raised the firm’s price target on Patterson-UTI to $13 from $12 and keeps a Neutral rating on the shares. The analyst applauds the Patterson-UTI, NexTier merger of equals and believes the 16% move from their share prices before the Wall Street Journal article is justified based upon the synergy potential of $200M
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Published first on TheFly
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Read More on PTEN:
- Patterson-UTI, NexTier to join in merger of equals with $5.4B enterprise value
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- Patterson-UTI holders likely more excited over deal talks, JPMorgan says
- NEX and PTEN Merger Talks Trigger Jump in Share Prices
- NexTier Oilfield, Patterson-UTI in talks over potential merger, WSJ reports