Cairn Energy PLC’s (LON:CNE) “Overweight” Rating Reiterated at J P Morgan Chase & Co
J P Morgan Chase & Co reiterated their overweight rating on shares of Cairn Energy PLC (LON:CNE) in a report issued on Wednesday morning, Marketbeat.com reports. J P Morgan Chase & Co currently has a GBX 228 ($2.98) price objective on the oil and gas development company’s stock.
Several other analysts have also recently issued reports on the stock. GMP Securities restated a buy rating on shares of Cairn Energy PLC in a research report on Tuesday, July 11th. Deutsche Bank AG decreased their target price on shares of Cairn Energy PLC from GBX 275 ($3.59) to GBX 232 ($3.03) and set a buy rating on the stock in a research report on Thursday, July 6th. Barclays PLC decreased their target price on shares of Cairn Energy PLC from GBX 270 ($3.53) to GBX 240 ($3.13) and set an overweight rating on the stock in a research report on Thursday, June 22nd. Macquarie decreased their target price on shares of Cairn Energy PLC from GBX 270 ($3.53) to GBX 242 ($3.16) and set an outperform rating on the stock in a research report on Wednesday, June 21st. Finally, Canaccord Genuity restated a buy rating and set a GBX 275 ($3.59) target price on shares of Cairn Energy PLC in a research report on Friday, May 19th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of GBX 255.23 ($3.33).
Shares of Cairn Energy PLC (LON CNE) opened at 171.30 on Wednesday. Cairn Energy PLC has a 52-week low of GBX 164.20 and a 52-week high of GBX 250.60. The firm’s 50-day moving average price is GBX 193.12 and its 200-day moving average price is GBX 212.45. The stock’s market cap is GBX 984.92 million.
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In related news, insider Iain McLaren bought 25,000 shares of the company’s stock in a transaction on Friday, May 19th. The shares were acquired at an average cost of GBX 209 ($2.73) per share, for a total transaction of £52,250 ($68,229.30). Also, insider Simon Thomson bought 941 shares of the company’s stock in a transaction on Friday, May 5th. The stock was bought at an average price of GBX 191 ($2.49) per share, for a total transaction of £1,797.31 ($2,346.97).
Cairn Energy PLC Company Profile
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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