Q: Hi, Pat. I am thinking about purchasing Mullen Group shares. It has diversified its trucking business away from the oil & gas industry successfully. Also it appears that it may be at a bottom price. Do you recommend Mullen? Is the dividend secure? Thanks.
A: Mullen Group Ltd. $9.76, symbol MTL on Toronto (Shares outstanding: 104.8 million; Market cap: $1.0 billion; www.mullen-group.com), is an Alberta-based transportation company that provides specialized transport services, including trucking and logistics services to the oil and natural gas industry in Canada and the U.S.
Mullen Group operates through two business segments: Trucking/Logistics and Oilfield Services. The Trucking/Logistics segment offers a diversified range of transportation, logistics, warehousing, and other freight services to customers in the U.S. and Canada, primarily in Western Canada. The Oilfield Services segment provides a broad range of specialized services related to the transportation, processing and production of oil and natural gas.
The Trucking/Logistics segment contributes 67.2% of Mullen Group’s total revenue, with Oilfield Services contributing the remaining 32.8%.
The company has expanded its business rapidly through acquisition. For example, in 2018 alone, Mullen made the following acquisitions:
• DWS Logistics, a warehousing and distribution business with over 500,000 square feet of warehousing space in the greater Toronto area and the…
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