Cairn Energy PT Lowered to GBX 350 (CNE)
Equities research analysts at Morgan Stanley reduced their price objective on shares of Cairn Energy (LON:CNE) from GBX 375 ($6.16) to GBX 350 ($5.75) in a research note issued to investors on Friday, AnalystRatings.Net reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 41.41% from the company’s current price.
Shares of Cairn Energy (LON:CNE) traded down 5.57% during mid-day trading on Friday, hitting GBX 247.50. The stock had a trading volume of 4,989,505 shares. Cairn Energy has a 52 week low of GBX 245.90 and a 52 week high of GBX 309.60. The stock has a 50-day moving average of GBX 266.6 and a 200-day moving average of GBX 270.8. The company’s market cap is £1.478 billion.
A number of other analysts have also recently weighed in on CNE. Analysts at BNP Paribas reiterated an “outperform” rating on shares of Cairn Energy in a research note to investors on Thursday. They now have a GBX 335 ($5.50) price target on the stock. Separately, analysts at Numis Securities Ltd reiterated a “buy” rating on shares of Cairn Energy in a research note to investors on Wednesday. They now have a GBX 406 ($6.66) price target on the stock. Finally, analysts at RBC Capital reiterated an “outperform” rating on shares of Cairn Energy in a research note to investors on Tuesday. They now have a GBX 410 ($6.73) price target on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of GBX 347.43 ($5.70).
Cairn Energy PLC (LON:CNE) is an independent oil and gas exploration and development company.
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