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Will This Price Target Increase Help Athlon Energy (ATHL) Stock Today?

Story updated at 10 a.m. to reflect market activity.

NEW YORK (TheStreet) -- UBS raised its price target for Athlon Energy (ATHL) to $42 from $36 Thursday, maintaining a "neutral" rating for the company.

Athlon Energy fell 0.3% to $37.81 in morning trading.

The price target increase is driven by accretive Midland acquisition. Athlon Energy recently acquired 23,500 net acres in the Midland Basin for $873 million.

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"Athlon Energy Inc., is an independent exploration and production company. The Company is a holding company and its sole assets are controlling equity interests in Athlon Holdings LP and its subsidiaries. The Company is focused on the acquisition, development and exploitation of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The Permian Basin spans portions of Texas and New Mexico and consists of three primary sub-basins: the Delaware Basin, the Central Basin Platform and the Midland Basin. The Company's properties are located in the Midland Basin. In February 2014, Athlon Energy Inc announced that subsidiary, Athlon Holdings LP completed the acquisition of certain oil and natural gas properties and related assets in the Midland Basin of West Texas."

ATHL Chart

ATHL data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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