UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Clayton Williams Energy on Delaware Basin Potential

In a report published Monday, Wunderlich Securities analyst Irene O. Haas reiterated a Buy rating on Clayton Williams Energy CWEI, and raised the price target from $110.00 to $151.00. In the report, Wunderlich Securities noted, “Clayton Williams Energy (CWEI) has 350,000 net acres in its two core areas: 170,000 net acres in the Permian Basin and 185,000 net acres in the Giddings Field in Texas. Outside of Texas, CWEI has 157,000 net acres of undeveloped land scattered in Utah, Colorado, Alabama, Louisiana, Nevada, Oklahoma, Mississippi and more (based on 2013 10-K). We reassessed our net asset value analysis for CWEI and raised our estimate from $110 to $151 per share, which is still conservative in our view. We would continue to buy CWEI shares as the Delaware Basin could prove to be very prolific as producers continue to find more pays in 2014.” Clayton Williams Energy closed on Friday at $115.50.