Cairn Energy (CNE) Price Target Cut to GBX 280

Cairn Energy (LON:CNE) had its price objective trimmed by Barclays from GBX 300 ($3.92) to GBX 280 ($3.66) in a research report released on Thursday morning. The firm currently has an overweight rating on the oil and gas development company’s stock.

Several other analysts also recently issued reports on the company. Berenberg Bank reduced their price objective on Cairn Energy from GBX 240 ($3.14) to GBX 190 ($2.48) and set a buy rating on the stock in a research report on Wednesday. Peel Hunt upgraded Cairn Energy to a buy rating and dropped their target price for the company from GBX 260 ($3.40) to GBX 220 ($2.87) in a research note on Tuesday. Jefferies Financial Group upgraded Cairn Energy to a hold rating and dropped their target price for the company from GBX 190 ($2.48) to GBX 165 ($2.16) in a research note on Friday, December 14th. UBS Group reiterated a buy rating and issued a GBX 280 ($3.66) target price (down from GBX 300 ($3.92)) on shares of Cairn Energy in a research note on Tuesday, December 11th. Finally, BNP Paribas dropped their target price on Cairn Energy from GBX 290 ($3.79) to GBX 190 ($2.48) and set a neutral rating for the company in a research note on Monday, December 10th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of GBX 252.61 ($3.30).

Shares of LON:CNE traded up GBX 6.80 ($0.09) on Thursday, hitting GBX 182.30 ($2.38). The company had a trading volume of 2,828,269 shares, compared to its average volume of 1,590,000. Cairn Energy has a 52-week low of GBX 164.20 ($2.15) and a 52-week high of GBX 237 ($3.10).

In other news, insider Simon Thomson purchased 31,812 shares of the company’s stock in a transaction on Tuesday, December 11th. The stock was bought at an average cost of GBX 156 ($2.04) per share, for a total transaction of £49,626.72 ($64,846.10).

About Cairn Energy

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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