This Canadian stock has a strong niche in the energy industry as a supplier of special equipment for drilling rigs.
Its revenue was up in the last quarter as customers stepped up drilling and equipment purchases. During the slowdown of the past few years, the company fortified itself with cost-cutting measures and made a U.S. acquisition that is expanding its activity into new markets.
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MCCOY GLOBAL (Toronto symbol MCB; www.mccoyglobal.com) sells power tongs and other hydraulic gear for oil and gas drilling rigs. Power tongs are wrench-like tools that tighten and loosen the pipe in a drill hole. They are used by land-based oilfield service companies and on offshore rigs. In addition, McCoy provides sensors that help collect and measure data in harsh drilling environments.
Based in Edmonton, the company has operations in Canada, the United States, the U.K., Singapore and the United Arab Emirates.
In the quarter ended December 31, 2017, McCoy’s revenue jumped 64.3%, to $10.1 million from $6.1 million a year earlier. Improving market conditions prompted customers to expand drilling and to raise equipment purchases.
Despite the higher sales, the company lost $6.3 million, or $0.23 a share, in the latest quarter. That’s compared to a loss of $4.4 million, or $0.16 a share. However, the wider loss in the most-recent quarter reflects McCoy’s higher sales, marketing and research spending in an effort to take full advantage of the market rebound.
Penny Stocks: 2017 acquisition expands company’s product line and markets
With the slowdown in drilling activity over the last couple of years, especially in North America, McCoy undertook a number of cost-cutting measures. They included reducing its workforce, and consolidating and closing plants.
In 2017, McCoy also bought the assets of Texas-based 3PS Inc. for $6.1 million U.S. That firm specializes in sensors and torque and tension technology. 3PS lets the company diversify into more technology-based products and markets outside of oil and gas drilling.
McCoy holds a high cash balance of $15.0 million, or $0.54 a share. It has no long-term debt and should profit as oil and gas activity further rebounds.
Recommendation in Stock Pickers Digest: McCoy Global is a buy for aggressive investors.
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