AKITA Drilling (TSE:AKT.A) Stock Passes Above Fifty Day Moving Average - What's Next?

Key Points

• AKITA Drilling shares passed above its 50-day moving average, trading as high as C$3.90 and last at C$3.84 versus a 50-day MA of C$2.81 (volume 142,504).
• ATB Cormark cut its price target from C$2.50 to C$2.25 and set a "sector perform" rating; the consensus rating is Hold with an average target of C$2.25.
• The stock trades above its 200-day MA (C$2.29), has a market cap of about C$148M and a P/E of 11.29, and AKITA operates a fleet of 32 drilling rigs with significant exposure to the Permian Basin.

AKITA Drilling Ltd. (TSE:AKT.A - Get Free Report) shares passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$2.81 and traded as high as C$3.90. AKITA Drilling shares last traded at C$3.84, with a volume of 142,504 shares.

Analyst Ratings Changes

Separately, ATB Cormark Capital Markets dropped their price target on AKITA Drilling from C$2.50 to C$2.25 and set a "sector perform" rating on the stock in a report on Friday, December 19th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of C$2.25.

AKITA Drilling Stock Performance

The firm's 50 day simple moving average is C$2.81 and its 200-day simple moving average is C$2.29. The company has a debt-to-equity ratio of 33.94, a quick ratio of 1.54 and a current ratio of 1.69. The company has a market capitalization of C$147.99 million, a price-to-earnings ratio of 11.29, a P/E/G ratio of -0.69 and a beta of -0.30.

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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