Cairn Energy (CNE) Price Target Raised to GBX 260 at Canaccord Genuity

Cairn Energy (LON:CNE) had its target price hoisted by research analysts at Canaccord Genuity from GBX 250 ($3.27) to GBX 260 ($3.40) in a research report issued to clients and investors on Monday, February 25th. The brokerage presently has a “speculative buy” rating on the oil and gas development company’s stock. Canaccord Genuity’s price objective points to a potential upside of 58.92% from the company’s current price.

Several other equities analysts have also weighed in on CNE. Jefferies Financial Group upgraded shares of Cairn Energy to a “hold” rating and reduced their price target for the company from GBX 190 ($2.48) to GBX 165 ($2.16) in a research report on Friday, December 14th. Peel Hunt upgraded shares of Cairn Energy to a “buy” rating and reduced their price target for the company from GBX 260 ($3.40) to GBX 220 ($2.87) in a research report on Tuesday, January 8th. Berenberg Bank reduced their price target on shares of Cairn Energy from GBX 240 ($3.14) to GBX 190 ($2.48) and set a “buy” rating for the company in a research report on Wednesday, January 9th. Barclays reduced their price target on shares of Cairn Energy from GBX 300 ($3.92) to GBX 280 ($3.66) and set an “overweight” rating for the company in a research report on Thursday, January 10th. Finally, UBS Group reiterated a “buy” rating and set a GBX 280 ($3.66) target price (down previously from GBX 300 ($3.92)) on shares of Cairn Energy in a research report on Tuesday, December 11th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of GBX 232.78 ($3.04).

CNE traded down GBX 8.60 ($0.11) during trading on Monday, hitting GBX 163.60 ($2.14). 2,004,938 shares of the company’s stock were exchanged, compared to its average volume of 1,590,000. The company has a market cap of $947.63 million and a price-to-earnings ratio of -0.84. The company has a current ratio of 1.40, a quick ratio of 1.08 and a debt-to-equity ratio of 19.21. Cairn Energy has a fifty-two week low of GBX 138 ($1.80) and a fifty-two week high of GBX 270.40 ($3.53).

Cairn Energy Company Profile

Cairn Energy PLC operates as an oil and gas exploration and production company. It holds a portfolio of exploration, development, and production assets in the United Kingdom; Norway; Mexico; and the Atlantic Margin, including Senegal and the Republic of Ireland. The company was incorporated in 2002 and is headquartered in Edinburgh, the United Kingdom.

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Analyst Recommendations for Cairn Energy (LON:CNE)

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