MCCOY CORP. $3.59 (Toronto symbol MCB; TSINetwork Rating: Speculative) (780-453-8451; www.mccoyglobal.com; Shares outstanding: 26.5 million; Market cap: $95.1 million; Dividend yield: 5.5%) 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 Canadian and U.S. clients in the oil and gas, wind energy, infrastructure and construction industries.
International sales a big plus
In the three months ended June 30, 2012, McCoy’s revenue rose 5.9%, to $41.1 million from $38.8 million a year earlier. A $6.3-million increase in Energy Products and Services sales, mostly in markets outside Canada and the U.S., offset a $4-million decline in Mobile Solutions sales.
Earnings per share fell 33.3%, to $0.08 from $0.12. The lower Mobile Solutions sales hurt the company’s profit margins, and its costs rose as it expanded its Energy Products and Services division internationally.
McCoy raised its quarterly dividend by 200%, to $0.03 a share from $0.01, in December 2011. It raised it a further 66.7% in May 2012, to $0.05. The stock now yields 5.6%. McCoy trades at 10.3 times its forecast 2012 earnings of $0.35 a share.
The company’s results depend on oil exploration and development, but both have sound prospects.
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