We raise our 2026-2027 free cash flow per share (FCFPS) estimates to $0.11 and $0.91 (from $0.07 and $0.82), respectively, on the $17 million acquisition of Wolfpack Rentals, announced last week. The transaction adds 350 accommodations trailers and command centers, as well as 14 water filtration systems and surface rentals in South Texas, West Texas. East Texas, and the Northeast, to KLX's more than 400 trailers (primarily in East Texas). Wolfpack provides accommodations for the oil and gas industry, as well as for construction of commercial developments and industrial projects. Wolfpack generated $38 million in revenue in 2025 at margins accretive to KLX. Management expects annual synergies in excess of $2 million, with the addition of water filtration systems providing an immediate benefit. The $17 million purchase price, includes $14 million at closing and an additional $3 million over the next 12 months, with the deferred payments in cash or shares. KLX will fund the deal through capital lease financing, ABL borrowings supported by acquired accounts receivable. Given the reasonable acquisition multiple for Wolfpack (less than 3x pre-synergy) and $2 million in expected synergies, management anticipates the transaction to be immediately accretive by every metric. We expect growing oil and gas accommodations demand in 2H:26 and 2027 as U.S. land drilling and completion activity expands, driven by elevated oil prices and increasing natural gas production. Our $5 price target is based on 6x our raised 2027 FCFPS estimate of $0.91 (from $0.82). Our moderate risk rating is supported by growing U.S. drilling and completion activity and KLX's longstanding relationships with blue chip customers.