Cairn Energy (LON:CNE) had its price objective reduced by Deutsche Bank from GBX 240 ($3.37) to GBX 230 ($3.23) in a research note issued to investors on Wednesday, March 14th. They currently have a hold rating on the oil and gas development company’s stock.
A number of other equities analysts have also issued reports on the company. Numis Securities reissued a buy rating and set a GBX 270 ($3.79) price target on shares of Cairn Energy in a report on Thursday, February 1st. Barclays reissued an overweight rating on shares of Cairn Energy in a report on Wednesday, March 14th. Canaccord Genuity raised their price target on Cairn Energy from GBX 250 ($3.51) to GBX 260 ($3.65) and gave the stock a buy rating in a report on Wednesday, January 24th. Whitman Howard reaffirmed a buy rating on shares of Cairn Energy in a report on Wednesday, January 24th. Finally, Peel Hunt reaffirmed a buy rating and issued a GBX 260 ($3.65) price objective on shares of Cairn Energy in a report on Tuesday, January 23rd. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of GBX 259.08 ($3.64).
Shares of CNE traded down GBX 1.60 ($0.02) during midday trading on Wednesday, reaching GBX 214.60 ($3.01). 1,154,251 shares of the stock were exchanged, compared to its average volume of 1,590,000. Cairn Energy has a twelve month low of GBX 164.20 ($2.30) and a twelve month high of GBX 237 ($3.33).
In related news, insider James Smith sold 209,599 shares of Cairn Energy stock in a transaction that occurred on Tuesday, March 27th. The stock was sold at an average price of GBX 210 ($2.95), for a total transaction of £440,157.90 ($617,852.19).
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About Cairn Energy
Cairn Energy PLC operates as an oil and gas exploration, development, and production company. It primarily holds interests in Senegal, the United Kingdom, Norway, Malta, Morocco, and the Republic of Ireland. The company also holds interests in two licenses covering an area of 1,100 km located in the Sureste basin, Gulf of Mexico.
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