Akita Drilling (TSE:AKT) Share Price Crosses Below 50-Day Moving Average – Here’s Why

by · The Markets Daily

Akita Drilling (TSE:AKT – Get Free Report)’s stock price passed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of C$3.83 and traded as low as C$3.66. Akita Drilling shares last traded at C$3.75, with a volume of 25,179 shares.

Analyst Upgrades and Downgrades

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

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Akita Drilling Price Performance

The stock has a market cap of C$213.89 million, a PE ratio of -26.57 and a beta of 0.37. The firm has a 50 day moving average price of C$3.81.

Akita Drilling (TSE:AKT – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported C($0.12) earnings per share for the quarter. The firm had revenue of C$46.37 million for the quarter.

About Akita Drilling

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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.

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