KUALA LUMPUR (Jan 15): With the continued rally of crude oil prices, the oil and gas (O&G) space is expected to stay on a positive note and an upbeat momentum for at least the first quarter of this year, according to MIDF Research analyst Aaron Tan.
As at time of writing, Brent crude futures retreated 0.2% to US$69.90 per barrel. On Friday (Jan 12), Brent crude oil marked a December 2014 high at an intraday high of US$70.05 per barrel.
At 11.03am today, Hengyuan Refining Company Bhd’s shares, the top loser on Bursa Malaysia, were down RM1.58 or 9.36% to RM15.30, with 6.25 million shares exchanging hands. This brings its market capitalisation to RM4.79 billion.
Over the past year, Hengyuan’s share price has jumped more than six times from RM2.44. According to Bloomberg, it is currently trading at trailing 12-month price-earnings (TTM P/E) of 4.85 times.
Petron Malaysia Refining and Marketing Bhd’s shares fell 24 sen or 1.81% to an RM13.00, with 212,800 shares traded, for a market capitalisation of RM3.53 billion. It is the second top loser on Bursa Malaysia.
Petron’s share price has also more than tripled over the past year from RM4.04. According to Bloomberg, it is currently trading at trailing 12-month price-earnings (TTM P/E) of 8.39 times.
Speaking to theedgemarkets.com via telephone, Tan noted these refiners had continued slipping on the possible profit-taking activity, after the counters' (recent) steep rise.
Meanwhile, downstream O&G related-counters UMW Oil & Gas Corp Bhd (UMWOG) and Sapura Energy Bhd were among the most actively-traded counters this morning.
As at 11.08am, shares of UMWOG rose half a sen or 1.19% to 42.5 sen, with 77.8 million shares done, for a market capitalisation of RM3.45 billion. It is the third most actively-traded stock on Bursa Malaysia.
While eighth most actively-traded Sapura Energy’s shares are also up half a sen or 0.56% to 90.5 sen, with 53.72 million shares traded, for a market capitalisation of RM5.39 billion.
http://www.theedgemarkets.com/article/og-counters-expected-stay-upbeat-least-first-quarter-2018-says-analyst
