Cairn Energy PLC (CNE.L) 08-11-19
Shares in Cairn Energy PLC (CNE.L) have fallen dramatically from recent highs of 206.8p. Will it continue, or is this an opportunity to pick up a bargain?
- Now trading at 178.3p (at time of writing). A return to previous highs would represent a rise of 16%.
- The market often over-reacts to bad news. Traders should consider whether it is down for good reason, or is this another over-reaction?
- Shares -16% from 12-month highs; +27% from 12 month lows.
31 Oct: RBC Capital Markets reiterates its sector performer rating on Cairn Energy (CNE) and reduced the target price to 200p (from 210p).
29 Oct: JP Morgan Cazenove reiterates its overweight rating on Cairn Energy (CNE) and reduced the target price to 268p (from 272p).
28 Oct: Cairn Energy have announced that its Alom-1 offshore well in Mexico was found to be dry following exploration.
28 Oct: Cairn Energy stated that a decision over its $1.4bn tax claim against the Indian authorities would be made in mid-2020, following a tribunal.
Source: Bloomberg, Reuters, Alpha Terminal, FT, DJ Newswires