Akita Drilling (TSE:AKT) Stock Price Passes Above 50 Day Moving Average – Here’s Why

Akita Drilling (TSE:AKT) shares crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of C$0.00 and traded as high as C$4.00. Akita Drilling shares last traded at C$3.84, with a volume of 46,187 shares.

Analyst Upgrades and Downgrades

Separately, ATB Cormark Capital Markets cut Akita Drilling from a “moderate buy” rating to a “hold” rating and decreased their target price for the company from C$5.00 to C$4.25 in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of C$4.25.

Akita Drilling Trading Down 4.5%

The stock has a market cap of C$220.78 million, a P/E ratio of -27.43 and a beta of -0.15.

Akita Drilling (TSE:AKT) last issued its quarterly earnings data on Tuesday, August 4th. The company reported C($0.12) earnings per share (EPS) for the quarter. The business had revenue of C$46.37 million for the quarter.

About Akita Drilling

AKITA Drilling Ltd. (AKITA) is engaged in providing contract drilling services, primarily to the oil and gas industry. The Company is involved in other forms of drilling, including potash mining and the development of storage caverns. The Company owns and operates approximately 31 drilling rigs in Canada. The Company manages its business through approximately two geographic regions, which include Canada and the United States. The Company specializes in the construction and retrofit of heavy oil pad drilling rigs associated with Steam Assisted Gravity Drainage (SAGD) operations.