Mullen Group Ltd -Earnings and Price Target Update
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Mullen Group Ltd (MTL) is a diversified transportation and oilfield service organization operating in the Trucking/Logistics and Oilfield Services businesses. The Trucking/Logistics segment contributing 70% of revenues consists of 14 subsidiaries offering a diversified range of truckload and LTL (less than truckload) general freight services to customers in Canada and the US. These services include transporting a wide range of goods including general freight, specialized commodities such as cable, pipe and steel, over-dimensional loads such as heavy equipment, compressors and over-sized goods and dry bulk commodities such as cement and frac sand. In addition, the Trucking/Logistics segment provides logistics, warehousing and distribution, transload and intermodal services primarily in western Canada, as well as the production, excavation and transportation of various aggregate products
The Oilfield Services segment contributing 30% of revenues consists of 17 subsidiaries providing well-servicing, specialized transportation, dewatering, and drilling services to the oil and natural gas industry. These services include transporting of oversize and overweight shipments, the transportation, handling, storage and computerized inventory management of oilfield fluids, tubulars and drilling mud, stockpiling and stringing of large diameter pipe, a broad range of services related to the processing and production of heavy oil including well servicing and handling, transportation of fluids, the processing and disposal of oilfield waste, as well as frac support, dredging, water management, dewatering, pond reclamation services, hydrovac excavation, drilling rig relocation, core drilling, casing setting and conductor pipe setting services.
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