Athlon Energy price target upped to $48 at Topeka on Midland acquisition


Athlon Energy (ATHL +9.3%) is maintained with a Buy rating with an increased $48 price target, up from $44, at Topeka Capital following news it plans to acquire assets in the Midland Basin for $873M.

The firm sees the assets as a very attractive package, with a large portion located in Martin County, Tex., where typical 7,500-ft. lateral wells are projected to produce 800M boe; based on Topeka's estimates, the acquisitions and acceleration are accretive to earnings, cash flow and RNAV estimates.

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