Long-time readers know that we keep you informed of important news about the stocks we cover. That means highlighting developments and plans that promise to brighten prospects for investors. Here are two buys that stand out this month:
MAJOR DRILLING, $11.11, is a buy. This large contract driller (Toronto symbol MDI; TSINetwork: Speculative) (majordrilling.com; Shares outstanding: 82.9 million; Market cap: $919.8 million; No dividends paid) mainly serves the mining industry.
In the quarter ended October 31, 2022, the company’s revenue jumped 18.2%, to $201.7 million from $170.7 million a year earlier. Demand from senior gold producers for Major’s specialized drilling services continues to recover in all areas, including the Canada-U.S. region, South and Central America, plus Asia and Africa.
Along with the higher revenue, Major Drilling reported higher profits in the quarter. It made $23.6 million, or $0.29 a share. That’s up 65.2% from $14.3 million, or $0.17.
The company’s balance sheet remains strong, with cash of $97.7 million, or $1.18 a share. Its debt of $29.7 million…
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