As previously reported, Stephens analyst Matthew Marietta upgraded Patterson-UTI to Equal Weight from Underweight, with an $18 price target, after the company announced the acquisition of Seventy Seven Energy. With financing in place, fragmentation in the product lines, shareholders and Board approval, the analyst sees little risk to closure. Marietta notes that should the merger close in Q1 as planned, Patterson-UTI will become a top tier, and one of the largest domestic onshore drilling and PP players, with balance sheet strength and little to no customer cannibalization.