MCCOY GLOBAL $4.53 (Toronto symbol MCB; TSINetwork Rating: Speculative)(780-453-8451; www.mccoyglobal.com; Shares outstanding: 27.7 million; Market cap: $128.2 million; Dividend yield: 4.4%) sold its heavy-duty truck-trailer unit last year and is now focused on its Energy Products and Services segment, which sells hydraulic gear, including power tongs, for drilling rigs. (Power tongs are large wrench-like tools that tighten and loosen the pipe in the drill hole.)
McCoy has international sales and service centres in Singapore, Dubai and Aberdeen, Scotland.
Profits up despite tough markets
The company’s revenue fell 5.2% in the three months ended March 31, 2015, to $25.8 million from $27.2 million a year earlier. Low oil and gas prices prompted clients to cut back on equipment purchases.
However, excluding one-time items, earnings jumped 86.5%, to $2.2 million, or $0.08 a share, from $1.2 million, or $0.04. Cost cuts and improved efficiency were the main reasons for the gain. As well, McCoy sells most of its products in U.S. dollars, so it benefited from the decline in the Canadian dollar.
Due to falling oil and gas prices, McCoy is forecast to earn $0.21 a share in 2015, down from $0.34 in 2014. Drilling activity has slowed, particularly in North America, but the company’s clients include global drilling giants like Weatherford, Baker Hughes, Halliburton and Tesco, which have a broad geographic reach and a wide range of customers.
The company holds cash of $31.5 million, or $1.14 a share, and has no debt. The stock yields a high 4.4%, and the dividend appears safe.
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