KUALA LUMPUR: Shares of Bumi Armada Bhd fell for the seventh straight day on Tuesday, which Bloomberg described as the longest streak since it went public in 2011.
Shares of the international offshore services provider closed 0.5 sen down to 82.5 sen with over 10 million shares done.
This was the longest losing streak after it rallied to a 52-week high of 94 sen on April 13. From April 16's closing price of 92 sen, it had fallen 9.5 sen.
Bumi Armada's shares had come under pressure after it announced on April 17 that it would incur RM30mil loss from the credit risk recovery related to the suspension of the bare-boat charter and operations and maintenance contracts to Erin Petroleum Nigeria Ltd (EPNL), a subsidiary of Erin Energy Corp.
The contracts were associated with the floating production, storage and offloading (FPSO) vessel Armada Perdana, and the suspension was first announced last June after delays to the bare-boat charter payments as well as irregular payments on the operations and maintenance contract.
At 82.5 sen, it is trading at 13.73 times and at a forward price-to-earnings of 10.58 times.
Among the analysts, there are 11 buy calls, five hold and two sell.
RHB Research has a sell with a target price of 80 sen. CIMB Research had a hold and TP at 85 sen while Eva Dimensions also has a hold.
KAF Seagroatt & Campbell and Maybank Research have buy calls and a TP of RM1.15 and RM1.02. Kenanga Research has an outperform and TP of RM1.10.