Truist Securities made a “thoughtful” argument in support of Exxon Mobil’s decision to acquire Pioneer Natural Resources, CNBC’s Jim…
to buy from hold and boosted their price target to $131 per share from $110. The firm expects Exxon to experience long-term benefits from owning Pioneer, including improved well productivity.
"This is a very thoughtful piece, which really, I think, would be ammo against" a potential challenge from U.S. antitrust regulators, Cramer said Thursday on"Squawk on the Street."Exxon's all-stock deal announced Wednesday values Pioneer at nearly $60 billion. The tie-up, which is expected to close in the first half of next year, would make Exxon the largest producer in the Permian Basin, an oil-rich region in West Texas and New Mexico.in the coming days.
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