Cairn Energy’s (LON:CNE) Overweight Rating Reiterated at JPMorgan Chase

Cairn Energy (LON:CNE)‘s stock had its “overweight” rating reiterated by stock analysts at JPMorgan Chase in a research note issued on Wednesday, March 14th. They presently have a GBX 241 ($3.38) target price on the oil and gas development company’s stock. JPMorgan Chase’s target price suggests a potential upside of 12.30% from the company’s current price.

A number of other research firms have also recently weighed in on CNE. Numis Securities boosted their price objective on shares of Cairn Energy from GBX 255 ($3.58) to GBX 270 ($3.79) and gave the company a “buy” rating in a research report on Wednesday, January 24th. Peel Hunt reaffirmed a “buy” rating and issued a GBX 240 ($3.37) price objective on shares of Cairn Energy in a research report on Wednesday, December 27th. Credit Suisse Group reaffirmed an “outperform” rating and issued a GBX 260 ($3.65) price objective on shares of Cairn Energy in a research report on Monday, January 8th. Canaccord Genuity increased their price objective on shares of Cairn Energy from GBX 250 ($3.51) to GBX 260 ($3.65) and gave the company a “buy” rating in a research report on Wednesday, January 24th. Finally, Whitman Howard reaffirmed a “buy” rating on shares of Cairn Energy in a research report on Wednesday, January 24th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of GBX 259.08 ($3.64).

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Cairn Energy stock traded down GBX 1.60 ($0.02) during mid-day trading on Wednesday, reaching GBX 214.60 ($3.01). 1,154,251 shares of the company’s stock traded hands, compared to its average volume of 1,590,000. Cairn Energy has a 12-month low of GBX 164.20 ($2.30) and a 12-month high of GBX 237 ($3.33).

In related news, insider James Smith sold 209,599 shares of Cairn Energy stock in a transaction on Tuesday, March 27th. The shares were sold at an average price of GBX 210 ($2.95), for a total value of £440,157.90 ($617,852.19).

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Cairn Energy Company Profile

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.

Analyst Recommendations for Cairn Energy (LON:CNE)

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