Cairn Energy PLC (LON:CNE) was upgraded by equities research analysts at Canaccord Genuity to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a GBX 230 ($3.00) price target on the oil and gas development company’s stock. Canaccord Genuity’s price target points to a potential upside of 23.52% from the company’s current price.
A number of other brokerages have also recently issued reports on CNE. Deutsche Bank AG reissued a “buy” rating and set a GBX 220 ($2.87) price objective on shares of Cairn Energy PLC in a report on Thursday, May 19th. Barclays PLC increased their price objective on Cairn Energy PLC from GBX 240 ($3.13) to GBX 260 ($3.39) and gave the stock an “equal weight” rating in a report on Wednesday, July 13th. JPMorgan Chase & Co. reissued an “overweight” rating and set a GBX 220 ($2.87) price objective on shares of Cairn Energy PLC in a report on Friday, May 20th. Finally, Credit Suisse Group AG reissued a “neutral” rating and set a GBX 215 ($2.81) price objective on shares of Cairn Energy PLC in a report on Wednesday, August 17th. Fourteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of GBX 213.68 ($2.79).
Cairn Energy PLC (LON:CNE) opened at 181.32 on Friday. The company’s market cap is GBX 1.04 billion. The company has a 50-day moving average of GBX 189.89 and a 200-day moving average of GBX 197.40. Cairn Energy PLC has a one year low of GBX 124.70 and a one year high of GBX 232.00.
About Cairn Energy PLC
Cairn Energy PLC (Cairn) is a United Kingdom-based independent oil and gas exploration and development company. The Company’s portfolio is focused on approximately three geographical regions, such as North West Europe, the Atlantic Margin and the Mediterranean. Cairn has exploration and appraisal assets in the Atlantic Margin, North West Europe and the Mediterranean, and core development assets in the North Sea.
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