Major Drilling Group International (TSE:MDI) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Major Drilling Group International shares rose 3.4%, trading as high as C$17.25 and moving above their 200-day moving average of C$16.07.
• Analyst sentiment remains positive: TD raised its price target to C$22, RBC set a C$20 target, and the three covering analysts collectively maintain a “Buy” consensus with an average target of C$21.
• The company reported quarterly EPS of C$0.10 on revenue of C$233.69 million, while a director sold 6,000 shares worth C$107,040; insiders own 0.32% of the company.

Major Drilling Group International Inc. (TSE:MDI - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$16.07 and traded as high as C$17.25. Major Drilling Group International shares last traded at C$17.16, with a volume of 210,915 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MDI. TD boosted their target price on Major Drilling Group International from C$21.00 to C$22.00 and gave the company a "buy" rating in a research report on Friday, June 12th. Royal Bank Of Canada set a C$20.00 target price on shares of Major Drilling Group International and gave the stock an "outperform" rating in a research report on Friday, June 5th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of C$21.00.

Major Drilling Group International Trading Up 3.4%

The company's 50 day simple moving average is C$15.20 and its two-hundred day simple moving average is C$16.07. The company has a quick ratio of 1.92, a current ratio of 2.43 and a debt-to-equity ratio of 6.32. The company has a market capitalization of C$1.41 billion, a price-to-earnings ratio of 66.00, a P/E/G ratio of 3.45 and a beta of 1.65.

Major Drilling Group International (TSE:MDI - Get Free Report) last issued its quarterly earnings results on Wednesday, June 10th. The company reported C$0.10 earnings per share (EPS) for the quarter. The business had revenue of C$233.69 million for the quarter. Major Drilling Group International had a net margin of 2.40% and a return on equity of 3.91%. As a group, research analysts anticipate that Major Drilling Group International Inc. will post 0.5757162 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Major Drilling Group International news, Director Jo Mark Zurel sold 6,000 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of C$17.84, for a total value of C$107,040.00. Following the sale, the director directly owned 5,600 shares of the company's stock, valued at approximately C$99,904. This represents a 51.72% decrease in their ownership of the stock. Insiders own 0.32% of the company's stock.

About Major Drilling Group International

Major Drilling Group International Inc is engaged in the business of contract drilling, and it provides services to companies that are involved in mining and mineral exploration. It offers surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, and underground percussive/long-hole drilling services, as well as various drilling-related mine services. Its geographical segments are Canada - the United States; South and Central America; and Asia and Africa, of which most of its revenue comes from Canada - the United States.

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