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

Key Points

• Major Drilling Group International shares crossed above their 200-day moving average, reaching C$16.45 before closing at C$16.05. The 200-day average was C$16.18, with 186,485 shares traded.
• Analysts remain bullish: TD raised its price target to C$22.00, RBC set a C$20.00 target, and all three covering analysts rate the stock “Buy.” The consensus target is C$21.00.
• The company reported quarterly EPS of C$0.18 on revenue of C$277.35 million, while profitability remained modest with a 2.74% net margin and 4.61% return on equity.

Major Drilling Group International Inc. (TSE:MDI - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$16.18 and traded as high as C$16.45. Major Drilling Group International shares last traded at C$16.05, with a volume of 186,485 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MDI. TD lifted their price objective on Major Drilling Group International from C$21.00 to C$22.00 and gave the company a "buy" rating in a research note 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 note on Friday, June 5th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of C$21.00.

Major Drilling Group International Price Performance

The firm has a market capitalization of C$1.32 billion, a price-to-earnings ratio of 50.16, a price-to-earnings-growth ratio of 3.45 and a beta of 1.73. The stock's fifty day moving average price is C$15.55 and its two-hundred day moving average price is C$16.18. The company has a current ratio of 2.39, a quick ratio of 1.92 and a debt-to-equity ratio of 6.80.

Major Drilling Group International (TSE:MDI - Get Free Report) last issued its earnings results on Wednesday, September 2nd. The company reported C$0.18 EPS for the quarter. Major Drilling Group International had a net margin of 2.74% and a return on equity of 4.61%. The firm had revenue of C$277.35 million during the quarter. Equities research analysts expect that Major Drilling Group International Inc. will post 0.5757162 EPS for the current year.

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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