UPDATE: Global Hunter Securities Downgrades Clayton Williams Energy to Neutral

Global Hunter Securities lowered its rating on Clayton Williams Energy

from Accumulate to Neutral and reduced its price target from $93 to $50. Global Hunter Securities commented, "We feel that two issues have increased the level of uncertainty for Clayton Williams and we're now inclined to sit on the sidelines until these issues are ironed out. First, CWEI's CF/CAPEX deficit has escalated and the company is on target to hit its borrowing base limit. Second, the horizontal program in the Delaware Basin, while possessing tremendous promise, is currently far from manufacturing mode, which presents the opportunity for multiple quarters with underwhelming drilling results." Clayton Williams Energy closed at $46.16 on Thursday.