Patterson-UTI Energy Adds 9% On Decision To Combine With NexTier Oilfield

On:

Shares of Patterson-UTI Energy, Inc. (PTEN) are rising more than 9% Thursday morning at $12.19.

Patterson-UTI Energy and NexTier Oilfield Solutions Inc. (NEX) today announced their decision to merge in an all-stock transaction. The combined company, to be operated under the name Patterson-UTI Energy, Inc., will have an enterprise value of about $5.4 billion.

As per the deal, NexTier shareholders will receive 0.7520 Patterson-UTI shares for each NexTier stock owned.

The transaction is expected to be accretive to earnings per share and free cash flow per share in 2024, the company said.

PTEN has traded in the range of $9.70 – $19.81 in the last 52 weeks.

Source: Read Full Article

Lates News:
  1. Market Snapshot
  2. Bitcoin ($BTC) Price to Rise to $30,000 in Second Half of 2023, VanEck Says
  3. Bitcoin Whales Dump Over $2 Billion Worth of BTC after Price Rose Over 30% in a Month
  4. Will Bitcoin Price Crash To $10,000? Bloomberg Expert Reveals When
  5. Bitcoin Exchange Inflows Tap 6-Year Low as Investors Take Flight to Self-Custody