FWIW this is how I read it, though I am not 100% sure of some bits
Original
At Kilmorack Apr 3 1705
John McEan vic Ean duie vic Conil vic Reary
…. his son called Rory to be baptized
Godfathers Alexr McFergh vic Ean duie
& John McEan vic Eandair vic Conil
vic Eachann
Translation
At Kilmorack Apr 3 1705
John son of dark John son of Connel son of Rory
…. his son called Rory to be baptised
Godfathers Alexander son of ?Fergus son of dark John
and John son of John son of ?Andrew son of Connel son of Hugh
So it seems to contain a 3-generation paternal line of the father and both godfathers, depending on whether you think the names beginning with 'Mc' are surnames as we would understand them these days, or merely the first stage in the paternal line. If the same people later used the surname Fraser it suggests the latter interpretation; in which case the surname was never actually McEan, because they didn't customarily use what we would recognise as surnames.
And yes, nic is the feminine equivalent of mac, so Anna nic Ean would be Anne daughter of John.
Nigheann, pronounced roughly nee-an, is the Scots Gaelic for girl or daughter.