Macquarie Reiterates “Outperform” Rating for Cairn Energy PLC (CNE)
Cairn Energy PLC (LON:CNE)‘s stock had its “outperform” rating reiterated by equities researchers at Macquarie in a report released on Tuesday. They presently have a GBX 242 ($3.13) price objective on the oil and gas development company’s stock. Macquarie’s target price points to a potential upside of 33.70% from the stock’s current price.
CNE has been the subject of a number of other reports. Barclays PLC reiterated an “overweight” rating and issued a GBX 240 ($3.10) price objective on shares of Cairn Energy PLC in a research note on Tuesday, July 18th. Jefferies Group LLC reissued a “buy” rating and issued a GBX 300 ($3.87) price target on shares of Cairn Energy PLC in a report on Wednesday, May 17th. Canaccord Genuity raised their price target on shares of Cairn Energy PLC from GBX 240 ($3.10) to GBX 250 ($3.23) and gave the company a “buy” rating in a report on Wednesday, August 23rd. J P Morgan Chase & Co reissued an “overweight” rating and issued a GBX 228 ($2.94) price target on shares of Cairn Energy PLC in a report on Monday, July 3rd. Finally, Deutsche Bank AG raised their price target on shares of Cairn Energy PLC from GBX 235 ($3.03) to GBX 240 ($3.10) and gave the company a “buy” rating in a report on Wednesday, August 23rd. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of GBX 245.10 ($3.17).
Shares of Cairn Energy PLC (CNE) opened at 184.90 on Tuesday. The firm’s 50-day moving average price is GBX 175.34 and its 200 day moving average price is GBX 190.60. The company’s market capitalization is GBX 1.07 billion. Cairn Energy PLC has a 1-year low of GBX 164.20 and a 1-year high of GBX 250.60.
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In related news, insider Peter Kallos acquired 10,982 shares of the company’s stock in a transaction dated Wednesday, September 13th. The stock was bought at an average cost of GBX 181 ($2.34) per share, with a total value of £19,877.42 ($25,671.47).
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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