AKITA Drilling (TSE:AKT.A) Shares Up 10.9% - Here's Why

Key Points

• Shares jumped 10.9% in mid-day trading, rising to as high as C$4.48 (last C$4.39) on volume of 132,827 shares, about 44% above the average session volume.
• The stock is trading well above its technicals (50‑day SMA C$3.34 and 200‑day SMA C$2.47) and has a market cap of C$168.8M with a PE of 12.88.
• AKITA is a Canadian oilfield contractor with a fleet of 32 drilling rigs, including 15 high‑spec rigs operating out of Midland, Texas, giving it exposure to the Permian Basin.

AKITA Drilling Ltd. (TSE:AKT.A - )'s share price shot up 10.9% during mid-day trading on Wednesday . The stock traded as high as C$4.48 and last traded at C$4.39. 132,827 shares were traded during trading, an increase of 44% from the average session volume of 91,945 shares. The stock had previously closed at C$3.96.

AKITA Drilling Trading Up 10.6%

The stock's 50 day simple moving average is C$3.34 and its 200 day simple moving average is C$2.47. The firm has a market cap of C$168.80 million, a PE ratio of 12.88, a PEG ratio of -0.69 and a beta of -0.30. The company has a debt-to-equity ratio of 33.94, a quick ratio of 1.54 and a current ratio of 1.69.

AKITA Drilling Company Profile

AKITA is a premier Canadian oil and gas drilling contractor with a fleet of 32 drilling rigs. AKITA provides contract drilling services through two geographical segments: Canada and the United States ("US"). AKITA's US fleet is supported out of its operations base in Midland, Texas and is comprised of 13 high specification AC triple rigs, one high specification AC double rig and one DC triple rig, primarily serving the Permian Basin, which is the most active basin in the US and currently supports approximately half of all US land drilling.

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