Athabasca Oil (TSE:ATH) Shares Pass Above Two Hundred Day Moving Average - Here's Why

Key Points

• Athabasca Oil's stock price has crossed above its 200-day moving average, reaching a high of C$5.82, with the last trade at C$5.80.
• Scotiabank has downgraded Athabasca Oil from a "strong-buy" to a "hold" rating and set a price objective of C$6.50.
• Insiders purchased 158,200 shares at an average price of C$5.89, indicating potential confidence in the company despite the recent rating downgrade.

Athabasca Oil Co. (TSE:ATH - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$5.20 and traded as high as C$5.82. Athabasca Oil shares last traded at C$5.80, with a volume of 2,841,735 shares changing hands.

Analysts Set New Price Targets

Separately, Scotiabank downgraded Athabasca Oil from a "strong-buy" rating to a "hold" rating and set a C$6.50 price target for the company. in a report on Friday, July 11th.

Athabasca Oil Stock Down 0.2%

The company has a debt-to-equity ratio of 12.55, a quick ratio of 1.24 and a current ratio of 2.54. The firm has a market capitalization of C$2.95 billion, a P/E ratio of 13.36, a P/E/G ratio of -0.51 and a beta of 2.05. The stock has a fifty day moving average price of C$5.70 and a two-hundred day moving average price of C$5.20.

Insider Buying and Selling

In related news, insider Athabasca Oil Corporation acquired 158,200 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of C$5.89 per share, for a total transaction of C$932,414.98. 0.24% of the stock is currently owned by insiders.

About Athabasca Oil

Athabasca Oil Corp is an energy company. It is focused on the exploration, development, and production of light oil and liquids-rich natural gas. The company organizes its business under two operational segments, Light Oil and Thermal Oil. It generates maximum revenue from the Thermal Oil segment. Thermal Oil includes the exploration, development, and production of bitumen from sand and carbonate rock formations located in the Athabasca region of Northern Alberta.