Oil and gas services company SapuraCrest Petroleum Bhd’s earnings for fiscal period 2010 to 2011 may drop 20% to 23% due to the impact of lower oil prices on its business, said Citi Investment Research.
The research house has also cut its target price for SapuraCrest stock by 12% to RM1 based on the projected lower earnings.
But Citi Research said it “remains optimistic that the company stands a good chance” of bagging the US$1bil Shell Gemusut deep-water contract in Sabah.
No comments:
Post a Comment