Major Drilling Group International (TSE:MDI) Sets New 1-Year High – Here’s Why

Shares of Major Drilling Group International Inc. (TSE:MDI) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$14.44 and last traded at C$14.40, with a volume of 163637 shares. The stock had previously closed at C$13.91.

Analysts Set New Price Targets

A number of brokerages recently commented on MDI. TD Securities upped their target price on Major Drilling Group International from C$13.00 to C$16.00 and gave the company a “buy” rating in a research note on Friday, December 5th. Royal Bank Of Canada upped their target price on shares of Major Drilling Group International from C$14.00 to C$17.00 in a report on Tuesday, December 16th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of C$16.50.

Major Drilling Group International Trading Up 6.0%

The company has a current ratio of 3.59, a quick ratio of 1.92 and a debt-to-equity ratio of 1.17. The stock’s 50 day moving average is C$12.78 and its 200-day moving average is C$11.00. The company has a market cap of C$1.21 billion, a P/E ratio of 77.58, a PEG ratio of 3.45 and a beta of 1.35.

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.