Mullen Group (MTL) Price Target Lowered to C$17.00 at Canaccord Genuity

Mullen Group (TSE:MTL) had its price target cut by Canaccord Genuity from C$17.50 to C$17.00 in a report issued on Tuesday.

A number of other brokerages also recently issued reports on MTL. BMO Capital Markets boosted their price target on Mullen Group from C$16.00 to C$18.00 and gave the company a market perform rating in a report on Friday, July 27th. National Bank Financial boosted their price target on Mullen Group from C$17.00 to C$18.50 and gave the company an outperform rating in a report on Wednesday, October 3rd. Cormark raised Mullen Group from a market perform rating to a buy rating and boosted their price target for the company from C$15.00 to C$19.00 in a report on Friday, July 27th. CIBC boosted their price target on Mullen Group from C$17.00 to C$18.00 in a report on Friday, July 27th. Finally, Royal Bank of Canada boosted their price target on Mullen Group from C$16.00 to C$18.00 and gave the company an outperform rating in a report on Friday, July 27th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of C$17.44.

Shares of TSE:MTL opened at C$15.21 on Tuesday. Mullen Group has a 12-month low of C$14.10 and a 12-month high of C$17.12.

Mullen Group (TSE:MTL) last announced its quarterly earnings results on Wednesday, July 25th. The company reported C$0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of C$0.10 by C$0.05. Mullen Group had a return on equity of 2.17% and a net margin of 1.81%. The company had revenue of C$295.70 million during the quarter, compared to the consensus estimate of C$286.40 million.

The firm also recently announced a monthly dividend, which was paid on Monday, October 15th. Stockholders of record on Sunday, September 30th were paid a dividend of $0.05 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend was Thursday, September 27th.

In other news, Director David Edward Mullen sold 700,000 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of C$15.00, for a total transaction of C$10,500,000.00.

Mullen Group Company Profile

Mullen Group Ltd. provides transportation and oilfield services in Canada and the United States. It operates in two segments, Trucking/Logistics and Oilfield Services. The Trucking/Logistics segment offers long haul and local transportation services to customers in various industries. The Oilfield Services segment provides specialized transportation, fluid hauling, waste disposal, warehousing, drilling, well-servicing, and dewatering services to the oil and natural gas industry in western Canada, which includes the exploration and development companies, as well as production and natural gas transmission companies.

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Analyst Recommendations for Mullen Group (TSE:MTL)

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