MCCOY CORP. $3.60 (Toronto symbol MCB; TSINetwork Rating: Speculative) (780-453-8451; www.mccoyglobal.com; Shares outstanding: 26.5 million; Market cap: $95.4 million; Dividend yield: 3.3%) operates through two divisions: Mobile Solutions and Energy Products and Services.
Energy Products and Services sells hydraulic equipment, including power tongs, for drilling rigs. Power tongs are large wrench-like tools that tighten and loosen the pipe in the drill hole.
Mobile Solutions builds heavy-duty trailers for clients in the oil and gas, wind energy, infrastructure and construction industries. It also makes trailer-mounted vacuum tanks and operates a truck dealership.
In the three months ended December 31, 2011, McCoy’s revenue rose 41.1%, to $44.3 million from $31.4 million a year earlier. Earnings per share doubled, to $0.14 from $0.07. The stronger results came from higher drilling activity in western Canada and the U.S. McCoy holds cash of $29.4 million, or $1.11 a share, and has low debt.
The company raised its quarterly dividend by 200%, to $0.03 a share from $0.01, with the December 2011 payment. The stock now yields 3.3%. McCoy trades at 7.5 times its forecast 2012 earnings of $0.48 a share.
McCoy’s results depend on oil exploration and development, but both of these markets have strong prospects.
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