Cairn Energy (LON:CNE) was upgraded by Morgan Stanley to an “overweight” rating in a research note issued to investors on Monday. The brokerage currently has a GBX 300 ($4.14) price objective on the oil and gas development company’s stock, up from their prior price objective of GBX 270 ($3.73). Morgan Stanley’s price objective indicates a potential upside of 42.31% from the stock’s previous close.
CNE has been the topic of a number of other research reports. Deutsche Bank reissued a “hold” rating on shares of Cairn Energy in a research note on Tuesday, February 20th. Numis Securities raised their target price on shares of Cairn Energy from GBX 255 ($3.52) to GBX 270 ($3.73) and gave the company a “buy” rating in a research note on Wednesday, January 24th. Peel Hunt raised their target price on shares of Cairn Energy from GBX 240 ($3.32) to GBX 260 ($3.59) and gave the company a “buy” rating in a research note on Monday, January 8th. Credit Suisse Group reissued an “outperform” rating and issued a GBX 260 ($3.59) target price on shares of Cairn Energy in a research note on Tuesday, February 27th. Finally, Royal Bank of Canada raised their target price on shares of Cairn Energy from GBX 245 ($3.38) to GBX 300 ($4.14) and gave the company an “outperform” rating in a research note on Monday, January 29th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of GBX 261.64 ($3.61).
Shares of Cairn Energy (CNE) traded up GBX 14.40 ($0.20) during mid-day trading on Monday, hitting GBX 210.80 ($2.91). 1,856,537 shares of the stock were exchanged, compared to its average volume of 1,410,000. Cairn Energy has a fifty-two week low of GBX 164.20 ($2.27) and a fifty-two week high of GBX 237 ($3.27). The stock has a market cap of $1,230.00 and a P/E ratio of 658.75.
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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.
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