Jefferies Group Downgrades Cairn Energy (CNE) to Hold

Cairn Energy (LON:CNE) was downgraded by equities research analysts at Jefferies Group to a “hold” rating in a research report issued to clients and investors on Wednesday. They currently have a GBX 235 ($3.16) price target on the oil and gas development company’s stock, up from their prior price target of GBX 225 ($3.03). Jefferies Group’s price objective would indicate a potential upside of 8.25% from the company’s previous close.

Several other research firms also recently weighed in on CNE. Credit Suisse Group reissued an “outperform” rating and issued a GBX 260 ($3.50) price target on shares of Cairn Energy in a research note on Friday, November 3rd. Barclays restated an “overweight” rating and issued a GBX 250 ($3.36) price objective on shares of Cairn Energy in a research report on Wednesday, November 22nd. Numis Securities decreased their price objective on shares of Cairn Energy from GBX 270 ($3.63) to GBX 260 ($3.50) and set a “buy” rating on the stock in a research report on Monday, October 23rd. Deutsche Bank reduced their price target on shares of Cairn Energy from GBX 240 ($3.23) to GBX 230 ($3.10) and set a “buy” rating on the stock in a research report on Friday, October 13th. Finally, Peel Hunt reiterated a “buy” rating and set a GBX 240 ($3.23) price target on shares of Cairn Energy in a research report on Monday, October 2nd. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of GBX 245.42 ($3.30).

Shares of Cairn Energy (CNE) opened at GBX 217.10 ($2.92) on Wednesday. Cairn Energy has a one year low of GBX 164.20 ($2.21) and a one year high of GBX 250.60 ($3.37).

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Cairn Energy Company Profile

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.

Analyst Recommendations for Cairn Energy (LON:CNE)

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