Ezra: +2.4% at $1.71, a 3wk high, as it continues to recover from a nearly 7mth low of $1.63 touched earlier in Dec. The offshore oil and gas support company has underperformed peers, down 8.2% since 2H10's start, compared with the FTSE ST Oil & Gas Index's +23.8%, partly on disappointment with its qtr results and the Co’s persistent delays in taking delivery of new vessels...
DMG note that the worst could be over, with Ezra committed to ensuring no further delays, and high oil prices underpinning prospects for more exploration and production work by oil majors. Add that grp is still bidding for more than US$1b new jobs and believe newsflow on job awards will gain momentum over the next 6 to 12 mths when the results of these tenders are out. Immediate resistance at 50-day MA of $1.74.
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