Major Drilling Group International (TSE:MDI) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Major Drilling shares moved above their 200-day moving average, reaching C$17.82 and closing at C$17.71, compared with the C$16.14 long-term average.
• Analysts remain bullish: TD raised its price target to C$22.00, RBC set a C$20.00 target, and the three covering analysts collectively assign the stock a “Buy” rating with an average target of C$21.00.
• The company reported quarterly revenue of C$233.69 million and EPS of C$0.10, while a director sold 6,000 shares worth approximately C$107,040; insiders own just 0.32% of the company.

Shares of Major Drilling Group International Inc. (TSE:MDI - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$16.14 and traded as high as C$17.82. Major Drilling Group International shares last traded at C$17.71, with a volume of 146,190 shares traded.

Analysts Set New Price Targets

Several research analysts recently issued reports on MDI shares. TD upped 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 price target on Major Drilling Group International and gave the stock an "outperform" rating in a report on Friday, June 5th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Major Drilling Group International has an average rating of "Buy" and an average target price of C$21.00.

Major Drilling Group International Stock Up 0.6%

The company has a debt-to-equity ratio of 6.32, a current ratio of 2.43 and a quick ratio of 1.92. The business's fifty day moving average price is C$15.18 and its two-hundred day moving average price is C$16.14. The stock has a market capitalization of C$1.46 billion, a PE ratio of 68.12, a price-to-earnings-growth ratio of 3.45 and a beta of 1.65.

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

Insider Buying and Selling at Major Drilling Group International

In other news, Director Jo Mark Zurel sold 6,000 shares of the stock in a transaction dated 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 transaction, 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. Corporate 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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