Major Drilling Group International (TSE:MDI) Share Price Crosses Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• Major Drilling’s shares crossed above their 200-day moving average, reaching C$16.82 before closing at C$16.43, compared with the C$16.20 average.
• Analysts remain positive: RBC rated the stock “outperform” with a C$20 target, while TD raised its target to C$22. The consensus rating is “Buy,” with an average price 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 and reduced their holdings by 51.72%.

Major Drilling Group International Inc. (TSE:MDI - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$16.20 and traded as high as C$16.82. Major Drilling Group International shares last traded at C$16.43, with a volume of 255,431 shares changing hands.

Analysts Set New Price Targets

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

Major Drilling Group International Trading Down 3.2%

The company has a current ratio of 2.43, a quick ratio of 1.92 and a debt-to-equity ratio of 6.32. The firm has a market capitalization of C$1.35 billion, a price-to-earnings ratio of 63.19, a P/E/G ratio of 3.45 and a beta of 1.65. The firm's 50-day moving average is C$15.34 and its 200 day moving average is C$16.20.

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

Insiders Place Their Bets

In related news, Director Jo Mark Zurel sold 6,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of C$17.84, for a total value of C$107,040.00. Following the completion of the sale, the director directly owned 5,600 shares in the company, valued at C$99,904. This represents a 51.72% decrease in their ownership of the stock. 0.32% of the stock is owned by insiders.

About Major Drilling Group International

Major Drilling Group International Inc is the world's largest provider of drilling services in the metals and mining industry. The diverse needs of the Company's global clientele are met through field operations and registered offices that span across North America, South America, Australia, Asia, Africa, and Europe. Established in 1980, the Company has grown to become a global brand in the mining space, known for tackling many of the world's most challenging drilling projects. Supported by a highly skilled workforce, Major Drilling is led by an experienced senior management team that has steered it through various economic and mining cycles, supported by regional managers known for delivering decades of superior project management.

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