As mining companies find attractive deposits in increasingly remote locations, this Canadian stock has the solutions.
Its specialized drilling services provide the most efficient way to extract minerals that are difficult to access. With sustained commodity prices, demand for the company’s services is up in most of its international operations. In the meantime, the stock’s revenue continues to climb.
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MAJOR DRILLING (Toronto symbol MDI; www.majordrilling.com) is a large contract driller that mainly serves the mining industry.
The company believes that mining companies continue to deplete the world’s more easily accessible mineral reserves. That means attractive deposits will increasingly be in remote locations. Those areas are difficult to access or the resources are deep in the ground. For this reason, Major’s strategy is to focus on providing highly specialized drilling services.
As of January 31, 2018 the company owned 643 drilling rigs. It added three large specialized rigs in the most recent quarter to replace five older, less efficient and more costly rigs.
Demand for that kind of assistance, especially from senior gold companies, is beginning to recover. Thanks to sustained commodity prices, the company is seeing increased activity in most of its international operations.
Mining Stocks: Balance sheet remains strong for Major Drilling
Over the winter holiday season, the company typically experiences a slowdown in drilling activity and higher maintenance and repair costs. Still, its overall performance was positive.
In the three months ended January 31, 2018, the company’s revenue rose 7.0%, to $75.0 million from $70.1 million a year earlier. More specifically, its revenue in the Canada/U.S. region increased 6% to $35.5 million; and revenue in South and Central America jumped 21%, to $22.9 million. Revenue in Asia and Africa climbed 25%, to $16.6 million.
Major’s balance sheet remains strong, with cash of $34.5 million, or $0.43 a share. Its debt is just $20.2 million.
Recommendation in Stock Pickers Digest: Major Drilling is a buy for aggressive investors.
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