Stock Name: SKPETRO
Company Name: SAPURAKENCANA PETROLEUM BHD
Hong Leong Investment Bank Research raised its target price on shares of SapuraKencana Petroleum Bhd to RM2.68 from RM2.60 after the oil and gas services firm won two OandG contracts worth up to RM300 million.
As of 10.04am, shares in SapuraKencana rose 0.43 percent to RM2.36 ringgit against the Malaysian benchmark stock index's 0.03 percent gain.
"We view the contract award positively and in line with our view that SapuraKencana is a proxy to global growth in offshore OandG production growth," Hong Leong said in a note on Friday.
Keeping its "buy" rating on the company, the research house said the award highlights SapuraKencana's specialised knowledge in gas-related fabrication and offshore field work. -- Reuters
Company Name: SAPURAKENCANA PETROLEUM BHD
| Research House: HLG | Price Call: BUY | Target Price: 2.68 |
Hong Leong Investment Bank Research raised its target price on shares of SapuraKencana Petroleum Bhd to RM2.68 from RM2.60 after the oil and gas services firm won two OandG contracts worth up to RM300 million.
As of 10.04am, shares in SapuraKencana rose 0.43 percent to RM2.36 ringgit against the Malaysian benchmark stock index's 0.03 percent gain.
"We view the contract award positively and in line with our view that SapuraKencana is a proxy to global growth in offshore OandG production growth," Hong Leong said in a note on Friday.
Keeping its "buy" rating on the company, the research house said the award highlights SapuraKencana's specialised knowledge in gas-related fabrication and offshore field work. -- Reuters
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