Athlon Energy reiterated Buy at Topeka Capital after strong well results


Athlon Energy (ATHL +3.2%) reported the best horizontal well in the eastern Midland Basin with its latest well in Howard County as part of its operational update late yesterday, Topeka Capital says, prompting the firm to raise its production trajectory and its target price for Buy-rated ATHL shares to $64 from $60 (Briefing.com).

Additionally, ATHL reported a top-tier Wolfcamp B well and an above average initial Lower Spraberry well in the basin.

ATHL's eight total horizontal wells are outperforming their type curves by nearly 70% with the wells tracking more than 90% rate of returns on average at $90/bbl oil, which Topeka says is above its type curve average of 36%.

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