UPDATE: Global Hunter Securities Upgrades Clayton Williams Energy (CWEI) to Buy

(Updated - August 5, 2014 10:38 AM EDT)

Global Hunter Securities upgraded Clayton Williams Energy (NYSE: CWEI) from Accumulate to Buy with a price target of $45 (unchanged).

Analyst Andrew Smith said, "CWEI lowered its 2014 production guidance and raised its 2014 capex guidance; however, we had already lowered our estimates following CWEI's Q2 call. CWEI's updated 2014 oil production and capex guidance were slightly above our prior estimates, partially due to the earlier than expected addition of a fourth rig in the Delaware Basin (expected in September vs. our prior November estimate). We are increasing our estimates to reflect guidance and raising our rating to Buy from Accumulate after the recent pullback in the stock."

For an analyst ratings summary and ratings history on Clayton Williams Energy click here. For more ratings news on Clayton Williams Energy click here.

Shares of Clayton Williams Energy closed at $111.81 yesterday.

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