UPDATE: Morgan Stanley Maintains Overweight on Cimarex Energy, $130.00 PT

In a report published Tuesday, Morgan Stanley analyst Drew Venker maintained an Overweight rating on Cimarex Energy Company

, with a $130.00 price target. According to the report, exploration success in two untested projects (notably better in Culberson Wolfcamp A) offset slightly weaker 2014 guidance. Success with Wolfcamp downspacing pilots would double current resource potential assumptions (from 1.7 BBoe to 3.4 BBoe). Analysts are expecting choppy trading on the mixed update. “Wolfcamp tests mixed, but stronger overall; outweighs slightly disappointing guidance,” the report noted. “We expect choppy trading on a dense operationally update with 2014 guidance that was slightly weaker than expectations. We would be buyers on any weakness.” Some highlights from the report included: -”Wolfcamp exploration: notably better results in Culberson Wolfcamp A, but slightly below our expectations for Reeves Wolfcamp B/C.” -”Reeves County Wolfcamp B/C had lower oil cut vs. our model, but ~30% pre-tax IRRs are still competitive.” -”Production guidance for 13% growth is in line with our estimate but slightly below consensus at 14%.” XEC closed Monday at $96.21 with shares trading up at 3.75 percent.