Cairn Energy PLC (CNE) Stock Rating Reaffirmed by Barclays PLC

Cairn Energy PLC (LON:CNE)‘s stock had its “overweight” rating reissued by stock analysts at Barclays PLC in a research note issued to investors on Tuesday, July 18th. They currently have a GBX 240 ($3.17) target price on the oil and gas development company’s stock. Barclays PLC’s price target would suggest a potential upside of 39.05% from the company’s previous close.

CNE has been the topic of a number of other reports. Deutsche Bank AG restated a “buy” rating and issued a GBX 275 ($3.63) price target on shares of Cairn Energy PLC in a report on Tuesday, April 18th. Credit Suisse Group boosted their price target on Cairn Energy PLC from GBX 260 ($3.43) to GBX 285 ($3.76) and gave the company an “outperform” rating in a report on Friday, March 24th. J P Morgan Chase & Co cut their price target on Cairn Energy PLC from GBX 235 ($3.10) to GBX 228 ($3.01) and set an “overweight” rating on the stock in a report on Wednesday, May 17th. Macquarie dropped their target price on Cairn Energy PLC from GBX 270 ($3.56) to GBX 242 ($3.19) and set an “outperform” rating on the stock in a report on Wednesday, June 21st. Finally, Jefferies Group LLC reiterated a “buy” rating and set a GBX 300 ($3.96) target price on shares of Cairn Energy PLC in a report on Wednesday, May 17th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of GBX 256.40 ($3.38).

Cairn Energy PLC (LON:CNE) opened at 172.60 on Tuesday. Cairn Energy PLC has a 12 month low of GBX 164.20 and a 12 month high of GBX 250.60. The stock’s market capitalization is GBX 992.39 million. The stock’s 50 day moving average is GBX 175.92 and its 200-day moving average is GBX 202.93.

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In other Cairn Energy PLC news, insider Iain McLaren bought 25,000 shares of the business’s stock in a transaction on Friday, May 19th. The stock was purchased at an average cost of GBX 209 ($2.76) per share, for a total transaction of £52,250 ($68,922.31).

About Cairn Energy PLC

Cairn Energy PLC (Cairn) is a United Kingdom-based independent oil and gas exploration and development company. The Company’s portfolio is focused on approximately three geographical regions, such as North West Europe, the Atlantic Margin and the Mediterranean. Cairn has exploration and appraisal assets in the Atlantic Margin, North West Europe and the Mediterranean, and core development assets in the North Sea.