Cairn Energy (LON:CNE) was downgraded by research analysts at Royal Bank of Canada to a “sector performer” rating in a report released on Friday. They currently have a GBX 225 ($2.94) price objective on the oil and gas development company’s stock, down from their previous price objective of GBX 380 ($4.97). Royal Bank of Canada’s price objective would indicate a potential upside of 27.77% from the company’s current price.
Other research analysts also recently issued reports about the stock. Barclays lowered their price target on shares of Cairn Energy from GBX 280 ($3.66) to GBX 245 ($3.20) and set an “overweight” rating for the company in a report on Thursday. Jefferies Financial Group lowered their price target on shares of Cairn Energy from GBX 165 ($2.16) to GBX 157 ($2.05) and set a “hold” rating for the company in a report on Friday. Berenberg Bank reiterated a “buy” rating and set a GBX 190 ($2.48) price target on shares of Cairn Energy in a report on Tuesday, January 22nd. UBS Group reiterated a “buy” rating on shares of Cairn Energy in a report on Tuesday. Finally, BNP Paribas lowered their price target on shares of Cairn Energy from GBX 290 ($3.79) to GBX 190 ($2.48) and set a “neutral” rating for the company in a report on Monday, December 10th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of GBX 232.78 ($3.04).
Shares of CNE stock opened at GBX 176.10 ($2.30) on Friday. The company has a debt-to-equity ratio of 14.95, a current ratio of 2.75 and a quick ratio of 1.29. The company has a market capitalization of $1.02 billion and a P/E ratio of -3.31. Cairn Energy has a 1 year low of GBX 138 ($1.80) and a 1 year high of GBX 270.40 ($3.53).
About Cairn Energy
Cairn Energy PLC operates as an oil and gas exploration and production company. It holds a portfolio of exploration, development, and production assets in the United Kingdom; Norway; Mexico; and the Atlantic Margin, including Senegal and the Republic of Ireland. The company was incorporated in 2002 and is headquartered in Edinburgh, the United Kingdom.
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