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Prices & Quotes - UK Markets - Cairn Energy (CNE)

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Share Price:
168.60p
Change Today:
0.000p
Market Cap:
841.77m
Sector:
Oil & Gas Producers

Canaccord Genuity slightly lowers target price on Cairn Energy

By Iain Gilbert

Date: Thursday 21 Jan 2021

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity slightly lowered their target price on Cairn Energy from 220.0p to 210.0p on Thursday, citing challenges resulting from "a greater imperative for a transaction" in a higher oil price environment.
Canaccord highlighted that Cairn had "benefitted significantly" from two recent news stories - the completion of the Senegal assets sale in December and its recent success in an Indian arbitration case.

The Canadian bank said the Senegalese sale had "considerably bolstered" the group's balance sheet whilst also eliminating "still onerous development capital requirements related to the developments" and allowing Cairn to announce a special dividend of 32.0p per share to be paid on 25 January.

Cairn's win in India, securing it a $1.2bn award plus costs and interest, may be "more challenging to convert to cash in the short term", said Canaccord, but the analysts stated the game-changing potential was "obvious".

Canaccord stated it believes the next phase for the company, inorganic growth, was now likely to provide "the most significant market catalyst".

"We expect continued FCF generation in the coming years to result in ongoing balance sheet strength that should provide the company with opportunities for further shareholder distributions as well as inorganic growth," said the analysts, who kept their 'hold' rating on the stock.

"The challenge will be in sourcing compelling transactions against a backdrop of the company's own declining production, the stronger oil price environment, and the evident appeal of an acquisition war chest."

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Cairn Energy Market Data

Currency UK Pounds
Price 168.60p
Change Today 0.000p
52 Week High 212.74p
52 Week Low 90.64p
Volume 0
Shares Issued 499.27m
Market Cap 841.77m
Beta 0.04

Performance Indicators

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What The Brokers Say

Strong Buy 5
Buy 0
Neutral 5
Sell 1
Strong Sell 0
Total 11
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Cairn Energy Dividends

  Latest Previous
  Special Interim
Ex-Div 11-Jan-21 n/a
Paid 25-Jan-21 n/a
Amount 32.00p 0.000¢

Trades

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Cairn Energy Key Personnel

CEO Simon Thomson
CFO James Smith