Cairn Energy (CNE) Earns “Buy” Rating from UBS Group
UBS Group reaffirmed their buy rating on shares of Cairn Energy (LON:CNE) in a research note released on Friday morning, investing.thisismoney.co.uk reports.
Other equities analysts also recently issued research reports about the company. Investec downgraded Cairn Energy to a hold rating and dropped their price target for the stock from GBX 310 ($4.00) to GBX 225 ($2.90) in a research report on Tuesday, August 14th. JPMorgan Chase & Co. increased their price target on Cairn Energy from GBX 300 ($3.87) to GBX 306 ($3.95) and gave the stock an overweight rating in a research report on Thursday, July 12th. Peel Hunt reissued a buy rating on shares of Cairn Energy in a research report on Tuesday, May 15th. Canaccord Genuity reissued a speculative buy rating and set a GBX 270 ($3.48) price target on shares of Cairn Energy in a research report on Tuesday, August 21st. Finally, Barclays reissued an overweight rating and set a GBX 320 ($4.13) price target on shares of Cairn Energy in a research report on Thursday, August 16th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of GBX 274.41 ($3.54).
Shares of CNE traded down GBX 2.20 ($0.03) during midday trading on Friday, reaching GBX 230 ($2.97). 2,324,916 shares of the stock were exchanged, compared to its average volume of 1,590,000. Cairn Energy has a 52 week low of GBX 164.20 ($2.12) and a 52 week high of GBX 237 ($3.06).
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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