OCBC Investment Research cut its price target for Singapore’s oil and gas services firm Ezion Holdings to $1.05 from $1.18 while maintaining its buy rating on the company.
By 9:02 a.m., the company’s shares gained 1.7% to $0.885 after having risen 31.8% since the start of the year.
OCBC said Ezion’s US$65.7 million ($82.8 million) four-year charter contract to provide a liftboat to a Chinese state-linked power generation enterprise will contribute US$9.4 million in net profit per year.
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