Mullen Group Ltd. (MTL) Gets a Hold Rating from Canaccord Genuity

By Jason Carr

A Wall Street analyst has provided a review for the Services company today, but retained the same rating on the stock. Analyst Anthony Petrucci from Canaccord Genuity reiterated a Hold rating on Mullen Group Ltd. (MTLResearch Report), with a C$13.50 price target.

According to TipRanks.com, Petrucci has 0 stars on 0-5 star ranking scale with an average return of -20.0% and a 19.8% success rate. Petrucci covers the Basic Materials sector, focusing on stocks such as Essential Energy Services Ltd, Athabasca Oil Corporation, and Trican Well Service Ltd.

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Currently, the analyst consensus on Mullen Group Ltd. is a Moderate Buy with an average price target of C$14.85, implying a 19.2% upside from current levels. In a report issued on January 7, TD Securities also reiterated a Hold rating on the stock with a C$12.50 price target.

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Based on Mullen Group Ltd.’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$21.91 million. In comparison, last year the company had a net profit of C$5.37 million.

Mullen Group Ltd. provides freight trucking, management and oil field services through its subsidiaries. The company operates through two business segments: Oilfield Services and Trucking/Logistics. The Oilfield Services segment provides specialized transportation, drilling, well-servicing and dewatering services to the oil and natural gas industry.

The company’s shares closed on Thursday at C$12.46.