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Fly News Breaks for May 17, 2016
MRD, RRC, PTXP
May 17, 2016 | 07:06 EDT
Raymond James analyst Darren Horowitz said PennTex (PTXP) has a number of positive read-throughs from Range Resources' (RRC) acquisition of Memorial Resource (MRD). The analyst said PennTex will benefit from its affiliation to a a larger operator with a more diverse resource base and flexible balance sheet, potential dropdown opportunities, and unchanged dropdown opportunities from affiliation with Natural Gas Partners (NGP). Horowitz raised PennTex's price target to $15 from $12 and reiterated its Outperform rating.