MCCOY CORP. $4.35 (Toronto symbol MCB; TSINetwork Rating: Speculative) (780-453-8451; www.mccoyglobal.com; Shares outstanding: 26.6 million; Market cap: $115.7 million; Dividend yield: 4.6%) 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 U.S. and Canadian clients in the oil and gas, wind energy, infrastructure and construction industries.
In the three months ended September 30, 2012, McCoy’s revenue rose 28.0%, to a record $48.4 million from $37.8 million a year earlier. Most of the increase came from higher sales at the Energy Products and Services division.
Earnings per share jumped 45.5%, to $0.16 from $0.11. Strong profits at Energy Products and Services offset lower earnings at Mobile Solutions.
The company 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 4.6%. McCoy trades at 7.9 times its forecast 2013 earnings of $0.55 a share.
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