McCoy Global Inc T.MCB

Alternate Symbol(s): MCCRF

Energy Oil & Gas Equipment & Services

McCoy Global Inc. provides equipment and technologies designed to support tubular running operations, enhance wellbore integrity and assist with collecting critical data for the global energy industry. It is transforming well construction using automation and machine learning to maximize wellbore integrity and collect precise connection data critical to the global energy industry. Its core products are used predominantly during the well construction phase for both land and offshore wells during both oil and gas exploration and development. Its cloud-based platform and digital infrastructure enables digital product offerings and enhancements. Its real-time, remote data transmission infrastructure supports its ability to integrate, digitize and automate the historically manual processes of tubular makeup through its smarTR. Its smarTR product suite includes VTR Virtual Thread Rep, smartCRT Casing Running Tool, smartFMS Flush Mounted Spider, smartTong and smartTSA Tailing Stabbing Arm.

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McCoy Global Inc

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Post by retiredcfon Oct 30, 2024 8:51am

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Ink Research

Morning Report: McCoy Global grows its way up the INK Edge rankings

October 30, 2024

Today we revisit oil and gas technology solutions provider McCoy Global (MCB), last featured here on July 3rd. The stock took the second spot in the October INK Top 30 Energy Report published today. That is up from the eleventh spot in September. When we last highlighted McCoy here, we noted that the firm was betting on its investment in digital technologies to reduce the costs of tubular running service (TRS) providers who connect the pipes needed to access hydrocarbons. So far, so good. The stock is up 78.5% since our last report, setting a 52-week high of $3.84 on Monday.

McCoy Global reported Q2 revenue of $19.9 million, up 23% from Q2 2023. Net income came in at $0.11 per diluted share, up from $0.05 in the comparable period. At Q2 end, McCoy's backlog totalled $22.3 million which it expects to support financial performance for the remainder of 2024. Looking ahead to the near and medium term, McCoy sees robust fundamentals in the Middle East and North Africa oil and gas market. It also believes it is well positioned to benefit from an expected expansion in capital expenditures in the deep-water offshore market. It sees a continued decline in rig count and drilling activity in the North America Land market, but it believes its rental equipment business will be able to benefit from an expected shift in activity to equipment rental rather than purchases.