Here’s a look at an energy services company whose shares have fallen by more than half from their 2015 high of $5.06. This has them trading in the penny stock range. McCoy Global is a Canadian firm with major international clients, and sales and service centres in Scotland, Singapore and Dubai in addition to its North American operations. Last year the company sold its trailer-truck segment to focus on the division that sells hydraulic gear for drilling rigs. The slowdown in drilling activities has cut into the company’s revenue and caused it to suspend its dividend. Yet McCoy provides essential equipment to its big clients who continue to drill around the globe. Aggressive investors may see McCoy as a stock to acquire at a bargain price with an eye to an eventual rebound.
MCCOY GLOBAL (Toronto symbol MCB; www.mccoyglobal.com) sold its Mobile Solutions heavy-duty truck-trailer unit last year and is now focused on its Energy Products and Services segment.
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This segment 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.)
In 2013, the Energy Products and Services division opened its first two international sales and service centres. One is in Aberdeen, Scotland, and supports customers in the North Sea area. The other is in Singapore and serves clients in the Asia-Pacific region. McCoy recently opened another centre, in Dubai, to supply the Middle East. Eventually it aims to open another centre in Latin America.
Penny stocks: Broad geographic reach and wide range of customers should help McCoy break even in 2016
In the three months ended September 30, 2015, the company’s revenue declined 44.2%, to $21.4 million from $38.3 million a year earlier. Low oil and gas prices prompted McCoy’s clients to cut back on equipment purchases. The company lost $2.0 million, or $0.07 a share, compared to a profit of $5.7 million, or $0.21 a share.
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. That should let McCoy break even in 2016.
The company holds cash of $26.9 million, or $0.97 a share, and has no debt. To conserve cash, McCoy recently suspended its dividend.
McCoy is a buy for aggressive investors.
Recommendation in Stock Pickers Digest: BUY for aggressive investors.
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