Zacks Investment Research Downgrades CAIRN ENERGY PL/ADR (CRNCY) to Hold

Zacks Investment Research lowered shares of CAIRN ENERGY PL/ADR (OTCMKTS:CRNCY) from a buy rating to a hold rating in a research report released on Friday.

According to Zacks, “Cairn Energy PLC is engaged in the discovery, exploration and development of oil and gas properties in South Asia. The Company has discovered and developed many major fields in India and Bangladesh. Cairn Energy PLC is headquartered in Edinburgh, the United Kingdom. “

A number of other analysts have also recently weighed in on CRNCY. Berenberg Bank cut shares of CAIRN ENERGY PL/ADR from a hold rating to a sell rating in a report on Tuesday, August 14th. Investec cut shares of CAIRN ENERGY PL/ADR from a buy rating to a hold rating in a report on Tuesday, August 14th. Finally, Jefferies Financial Group cut shares of CAIRN ENERGY PL/ADR from a hold rating to a sell rating in a report on Monday, October 22nd. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. CAIRN ENERGY PL/ADR presently has a consensus rating of Hold and a consensus price target of $5.50.

CRNCY stock opened at $4.61 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 2.75. CAIRN ENERGY PL/ADR has a twelve month low of $4.61 and a twelve month high of $7.23. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 5.17 and a beta of 1.43.

About CAIRN ENERGY PL/ADR

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.

Further Reading: Balanced Fund

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