UPDATE: Wunderlich Securities Raises Target to $116 on Clayton Williams Energy

Wunderlich Securities raises its target on Buy-rated Clayton Williams Energy (NASDAQ: CWEI) to $116 from $100 as the company reports growth of 26% in year-end reserves.

Wunderlich Securities says, "Clayton Williams Energy, Inc. (CWEI) reported 2011 year-end reserves of 64.3 MMboe, consisting of 49.5 million barrels of oil and NGL and 88.9 Bcf of natural gas. Seventy-seven percent of total proved reserves were oil and NGL and 61% were proved developed. We are raising our NAV and our price target from $100 to $116 to reflect the new reserve base. CWEI has become more focused on the Permian and we like the company's oily production mix. CWEI is well positioned in the Delaware Basin Wolfbone Play, and we expect more positive news from multiple producers from this region in 2012 as activity intensifies."

CWEI closed at $85.68 a share yesterday.