UPDATE: Wunderlich Securities Reiterates On Clayton Williams Energy Following Management Meetings

In a report published Thursday, Wunderlich Securities analyst Irene O. Haas reiterated a Buy rating on Clayton Williams Energy (NYSE: CWEI), and raised the price target from $159.00 to $162.00.In the report, Wunderlich Securities noted, “Clayton Williams Energy (CWEI) continues to execute. We met up with COO Mel Riggs and CFO Michael Pollard yesterday along with Director of Investors Relations Patti Hollums. CWEI has three rigs each in the Eagle Ford Play in South Texas and the Wolfcamp Plays in the Delaware Basin in Reeves County, Texas."CWEI intends to keep its rig counts at this level until both plays are better understood; as such, the company should be able to keep spending within cash flow and still has plenty of liquidity. While the stock has run, we continue to feel bullish about CWEI's resource plays and we believe that the inventory of drillable locations could be larger than the company's current estimate. We reiterate our Buy rating on this Permian first mover and are raising our NAV and price target to $162.”Clayton Williams Energy closed on Wednesday at $130.50.