New field for Major Drilling

Article Excerpt

MAJOR DRILLING $26.07 (Toronto symbol MDI; SI Rating: Speculative) (www.majordrilling.com; 1-866-264-3986; Shares outstanding: 23.7 million; Market cap: $619.1 million; Dividend yield: 1.4%) has bought SMD Services of Huntsville, Alabama, for $4 million. The purchase is small for Major Drilling, but it lets the company enter the environmental and geotechnical drilling businesses. Environmental drillers recover soil and groundwater samples to determine if they are contaminated. Geotechnical drillers investigate the type and stability of soil. Major Drilling plans to immediately invest $5 million to expand SMD’s operations. Major Drilling is still a buy. buy…