Major Drilling Gets a Buy Rating from TD Securities

By Austin Angelo

Major Drilling (TSX: MDI), the Materials sector company was revisited on June 6, and remains undervalued for at least one analyst on the street. Analyst Steven Green from TD Securities remains bullish on the stock and has a C$9.50 price target.

Green observed:

“We believe that an industry recovery has now begun, and expect both activity levels and margins to continue to improve going forward.”

According to TipRanks.com, Green is a 3-star analyst with an average return of 3.9% and a 50.0% success rate. Green covers the Basic Materials sector, focusing on stocks such as Eldorado Gold Corp, Dominion Diamond, and IAMGOLD Corp.

Major Drilling has an analyst consensus of Moderate Buy, with a price target consensus of C$8.25.

Major Drilling’s market cap is currently C$637.1M and has a P/E ratio of 0.

Major Drilling Group International, Inc. engages in the provision of water drilling and mineral exploration drilling services. It operates though the following geographical segments: U.S., South and Central America, and Asia and Africa. It provides all types of drilling services including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane and shallow gas. The company was founded on October 31, 1994 and is headquartered in Moncton, Canada.

The company’s shares closed last Wednesday at $7.95.