Morgan Stanley cut shares of Cairn Energy (LON:CNE) to an equal weight rating in a research note released on Tuesday. They currently have GBX 230 ($3.01) price target on the oil and gas development company’s stock, down from their prior price target of GBX 350 ($4.57).
Other equities analysts have also recently issued reports about the company. JPMorgan Chase & Co. reiterated an overweight rating on shares of Cairn Energy in a research report on Friday, October 26th. Jefferies Financial Group reiterated a hold rating on shares of Cairn Energy in a research report on Tuesday. Barclays boosted their target price on Cairn Energy from GBX 295 ($3.85) to GBX 300 ($3.92) and gave the stock an overweight rating in a research report on Wednesday, October 10th. BNP Paribas reduced their target price on Cairn Energy from GBX 290 ($3.79) to GBX 190 ($2.48) and set a neutral rating for the company in a research report on Monday, December 10th. Finally, Berenberg Bank began coverage on Cairn Energy in a research report on Thursday, November 1st. They set a buy rating and a GBX 240 ($3.14) target price for the company. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Cairn Energy currently has an average rating of Buy and a consensus target price of GBX 244.61 ($3.20).
Shares of LON CNE opened at GBX 184.40 ($2.41) on Tuesday. Cairn Energy has a fifty-two week low of GBX 164.20 ($2.15) and a fifty-two week high of GBX 237 ($3.10).
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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