Peel Hunt Reaffirms “Buy” Rating for Cairn Energy (CNE)

Cairn Energy (LON:CNE)‘s stock had its “buy” rating reissued by investment analysts at Peel Hunt in a note issued to investors on Tuesday, March 20th. They presently have a GBX 250 ($3.53) price target on the oil and gas development company’s stock. Peel Hunt’s target price indicates a potential upside of 16.28% from the stock’s previous close.

CNE has been the subject of several other research reports. Deutsche Bank reaffirmed a “hold” rating on shares of Cairn Energy in a research note on Tuesday, February 20th. Numis Securities lifted their price target on Cairn Energy from GBX 255 ($3.60) to GBX 270 ($3.82) and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Credit Suisse Group reaffirmed an “outperform” rating and set a GBX 260 ($3.67) price target on shares of Cairn Energy in a research note on Tuesday, February 27th. Royal Bank of Canada lifted their price target on Cairn Energy from GBX 245 ($3.46) to GBX 300 ($4.24) and gave the stock an “outperform” rating in a research note on Monday, January 29th. Finally, Barclays reaffirmed an “overweight” rating on shares of Cairn Energy in a research note on Wednesday, March 14th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of GBX 259.08 ($3.66).

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Cairn Energy stock traded down GBX 5.60 ($0.08) during midday trading on Tuesday, reaching GBX 215 ($3.04). The company’s stock had a trading volume of 2,777,512 shares, compared to its average volume of 1,590,000. Cairn Energy has a fifty-two week low of GBX 164.20 ($2.32) and a fifty-two week high of GBX 237 ($3.35).

In other Cairn Energy news, insider James Smith sold 209,599 shares of Cairn Energy stock in a transaction dated Tuesday, March 27th. The stock was sold at an average price of GBX 210 ($2.97), for a total value of £440,157.90 ($622,131.31).

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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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