Cairn Energy (CNE)

Sector:

Energy Producers

Index:

FTSE 250

174.60p
   
  • Change Today:
      2.60p
  • 52 Week High: 212.74
  • 52 Week Low: 125.45
  • Currency: UK Pounds
  • Shares Issued: 499.27m
  • Volume: 1,693,476
  • Market Cap: £871.72m
  • RiskGrade: 219

Jefferies upgrades Tullow Oil to 'hold', restarts coverage of Cairn Energy

By Iain Gilbert

Date: Friday 16 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Analysts at Jefferies upgraded oil and gas exploration company Tullow Oil from 'underperform' to 'hold' on Friday following the group's successful debt refinancing.
Jefferies stated that Tullow's debt refinancing following the placing of its $1.8bn, 10.25% senior secured note due 2026 was done "without the equity dilution risk" it feared.

The broker noted that annual interest costs remained roughly $250.0m per year and added that evidence of production support from the first newly drilled production wells at the Jubilee field, due in the third quarter, would be "crucial".

Jefferies also upped its target price on the stock from 38.0p to 50.0p, citing "a supportive oil price" and adjustments for recent asset sales.

However, Jefferies also noted that Tullow had the highest cash breakeven in its coverage of over $50 per barrel of oil which, while covered currently, remained a concern for the analysts.

Jefferies also restarted coverage on Cairn Energy with a 'hold' rating and 145.0p target price following the disposal of UK North Sea production assets and the acquisition of onshore Egyptian production assets from Shell.

The analysts stated that recent transactions meant that Cairn's production will be more than 60% gas from 2022 onwards, underpinned with fixed gas sales prices and that will result in lower volatility to commodity price changes.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Cairn Energy Market Data

Currency UK Pounds
Share Price 174.60p
Change Today 2.60p
% Change 1.51 %
52 Week High 212.74
52 Week Low 125.45
Volume 1,693,476
Shares Issued 499.27m
Market Cap £871.72m
RiskGrade 219

Cairn Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
14.14% above the market average14.14% above the market average14.14% above the market average14.14% above the market average14.14% above the market average
2.5% below the sector average2.5% below the sector average2.5% below the sector average2.5% below the sector average2.5% below the sector average
Price Trend
39.64% below the market average39.64% below the market average39.64% below the market average39.64% below the market average39.64% below the market average
26.88% above the sector average26.88% above the sector average26.88% above the sector average26.88% above the sector average26.88% above the sector average
Income Not Available
Growth
14.03% above the market average14.03% above the market average14.03% above the market average14.03% above the market average14.03% above the market average
50.94% above the sector average50.94% above the sector average50.94% above the sector average50.94% above the sector average50.94% above the sector average

What The Brokers Say

Strong Buy 6
Buy 0
Neutral 5
Sell 1
Strong Sell 0
Total 12
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 for 21-Sep-2021

Time Volume / Share Price
16:35 426,898 @ 174.60p
16:29 600 @ 174.20p
16:29 378 @ 174.10p
16:29 320 @ 174.30p
16:29 613 @ 174.20p

Cairn Energy Key Personnel

CEO Simon Thomson
CFO James Smith

Top of Page