MULLEN GROUP LTD. $9.86 (Toronto symbol MTL; Shares o/s: 104.8 million; Market cap: $1.03 billion; Dividend yield: 6.1%; www.mullen-group.com) provides specialized transport services, including trucking and logistics to the oil and natural gas industry in Canada and the U.S.
Mullen pays a monthly dividend of $0.05 a share: the stock yields a high 6.1%.
The company has expanded its business rapidly through acquisition. It now operates through two segments: Trucking/Logistics (67% of revenue) offers a range of transportation, logistics, warehousing, and other freight services. Oilfield Services (33%) provides a range of specialized oil and gas services.
Mullen has, to some extent, diversified out of oilfields into general transportation, but has largely stayed in Western Canada. However, that regional economy, including its transportation industry, is highly dependent upon the oil industry. This means Mullen remains almost fully exposed to that economic hub. The company’s rapid growth by acquisition also adds risk.
The shares need improved oil and gas drilling activity in Western Canada to move higher. The stock’s…
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