KUALA LUMPUR: Oil and gas services company Sapura Energy Bhd fell to a new record low of 47.5 sen on Friday as investors stayed cautious about its outlook and a research slashed the target price to 40 sen.At midday, it was down three sen to 48 sen with 57.8 million shares done at prices ranging from 47.5 sen to 51.5 sen.Year-to-date, it is down 23 sen or 32.4%. Its 52 week high was RM2.10 on April 11, 2017.The FBM KLCI rose 2.87 points or 0.16% to 1,842.49. "Although still at an early stage, any move towards carving out the E&P division entirely for a separate listing, may therefore not be value accretive to the currently listed Sapura Energy. "The outlook of Sapura Energy's E&C and drilling division have been on an earnings decline. "While oil price has been trending upwards, oil majors’ capex remains lacklustre.

Source: The Star March 09, 2018 05:15 UTC