With its specialized equipment for oil and gas drilling rigs, this penny stock has established a unique niche in the industry,
A U.S. acquisition added to the company’s products and services and expanded its potential client base. More recently, the company’s order backlog continues to rise and its research spending positioned it to capture more and more drilling business in the U.S.
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MCCOY GLOBAL INC. (symbol MCB on Toronto; www.mccoyglobal.com) designs and 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 and the United Arab Emirates.
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.
Penny Stocks: Company has reported increased order bookings for 5 straight quarters
In the quarter ended September 30, 2018, McCoy’s revenue jumped 31.6%, to $13.9 million from $10.6 million a year earlier. Improving market conditions prompted customers to expand drilling and to increase equipment purchases.
The company made $183,000, or $0.01 a share, in the latest quarter. That’s compared to a loss of $3.4 million, or $0.12 a share. The turnaround came from the higher revenue as well as lower costs.
Research and development spending rose to $720,000, a 2.6% increase from $702,000 a year earlier. However, research spending as a percentage of revenue was 5% compared to 7% a year earlier.
The company’s order backlog now stands at $15.7 million. It added $17.2 million in orders during the latest quarter. That’s up 35% from the 2018 second quarter. It’s also the fifth consecutive quarter of increased bookings.
McCoy holds a high cash balance of $12.3 million, or $0.45 a share. Its long-term debt of $3.6 million is just 13.2% of its market cap.
Recommendation in Stock Pickers Digest: McCoy Global is a buy for aggressive investors.
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