AKITA Drilling (TSE:AKT.A) Stock Price Passes Above Fifty Day Moving Average - Here's Why

Key Points

• Price crossed above 50-day MA: AKITA Drilling's stock crossed above its 50-day moving average (C$3.05), trading as high as C$3.85 and last at C$3.61 on volume of 86,743 shares, though it was down about 4.0% on the day.
• Analyst cut and consensus: ATB Cormark lowered its target from C$2.50 to C$2.25 and assigned a "sector perform," and MarketBeat shows an average rating of "Hold" with an average target of C$2.25.
• Company fundamentals and operations: AKITA has a market cap of C$139.1M, a P/E of 10.62 and a debt-to-equity of 33.94, and operates a fleet of 32 drilling rigs across Canada and the US, with US operations focused on the Permian Basin out of Midland, Texas.

AKITA Drilling Ltd. (TSE:AKT.A - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$3.05 and traded as high as C$3.85. AKITA Drilling shares last traded at C$3.61, with a volume of 86,743 shares traded.

Analyst Ratings Changes

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

AKITA Drilling Stock Down 4.0%

The firm has a market cap of C$139.12 million, a price-to-earnings ratio of 10.62, a P/E/G ratio of -0.69 and a beta of -0.30. The company has a current ratio of 1.69, a quick ratio of 1.54 and a debt-to-equity ratio of 33.94. The firm has a 50 day moving average price of C$3.05 and a 200-day moving average price of C$2.38.

About AKITA Drilling

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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