Major’s loss narrows

Article Excerpt

MAJOR DRILLING $5.57 (Toronto symbol MDI; TSINetwork Rating: Speculative) (1-866- 264-3986; www.majordrilling.com; Shares outstanding: 80.1 million; Market cap: $446.4 million; Dividend yield: 3.7%) is a large contract-drilling firm that mainly serves the mining industry. In the three months ended October 31, 2014, Major’s revenue fell 5.5%, to $87.2 million from $92.3 million a year earlier. However, its revenue was up 29.0% from $67.6 million in the previous quarter. The company also reported a loss of $0.13 a share, less than its year-ago loss of $0.24. Despite the significant mining industry downturn, the company continues to report positive cash flow. That should let it maintain its semi-annual dividend of $0.10 a share, which gives the stock a 3.6% yield. Major Drilling is a buy for aggressive investors. investors. …