Mullen Group (MTL) Upgraded to Strong-Buy at Industrial Alliance Securities

Industrial Alliance Securities upgraded shares of Mullen Group (TSE:MTL) from a buy rating to a strong-buy rating in a report released on Friday.

MTL has been the subject of a number of other research reports. Royal Bank of Canada increased their price objective on Mullen Group from C$16.00 to C$18.00 and gave the stock an outperform rating in a report on Friday, July 27th. Canaccord Genuity decreased their price objective on Mullen Group from C$17.50 to C$17.00 in a report on Tuesday, October 16th. National Bank Financial upgraded Mullen Group from a sector perform rating to an outperform rating and set a C$17.00 price objective for the company in a report on Thursday, July 5th. CIBC increased their price objective on Mullen Group from C$17.00 to C$18.00 in a report on Friday, July 27th. Finally, Cormark upgraded Mullen Group from a market perform rating to a buy rating and increased their price objective for the stock from C$15.00 to C$19.00 in a report on Friday, July 27th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of C$17.17.

MTL opened at C$13.49 on Friday. Mullen Group has a 12-month low of C$13.43 and a 12-month high of C$17.12.

The business also recently declared a monthly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $0.60 annualized dividend and a dividend yield of 4.45%.

In other news, Director David Edward Mullen sold 700,000 shares of the firm’s stock in a transaction 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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