Canaccord Genuity Lowers Cairn Energy Price Target to GBX 285 (CNE)
Canaccord Genuity cut their target price on shares of Cairn Energy (LON:CNE) from GBX 330 ($5.44) to GBX 285 ($4.70) in a research note issued on Wednesday, American Banking and Market News reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity’s price target indicates a potential upside of 7.83% from the stock’s previous close.
Shares of Cairn Energy (LON:CNE) traded down 1.38% during mid-day trading on Wednesday, hitting GBX 264.30. 1,124,515 shares of the company’s stock traded hands. Cairn Energy has a one year low of GBX 250.70 and a one year high of GBX 309.60. The stock has a 50-day moving average of GBX 268.3 and a 200-day moving average of GBX 270.8. The company’s market cap is £1.579 billion.
Several other analysts have also recently commented on the stock. Analysts at Nomura cut their price target on shares of Cairn Energy from GBX 370 ($6.10) to GBX 350 ($5.77) in a research note to investors on Monday. They now have a “buy” rating on the stock. Separately, analysts at Liberum Capital reiterated a “buy” rating on shares of Cairn Energy in a research note to investors on Friday, January 10th. They now have a GBX 355 ($5.85) price target on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Cairn Energy in a research note to investors on Wednesday, January 8th. They now have a GBX 345 ($5.69) price target on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of GBX 351.58 ($5.79).
Cairn Energy PLC (LON:CNE) is an independent oil and gas exploration and development company.
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