Akita Drilling (TSE:AKT) Shares Pass Above 50 Day Moving Average – Here’s What Happened

Shares of Akita Drilling (TSE:AKT) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$0.00 and traded as high as C$3.99. Akita Drilling shares last traded at C$3.89, with a volume of 102,209 shares changing hands.

Wall Street Analysts Forecast Growth

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

Akita Drilling Trading Up 5.1%

The firm has a market capitalization of C$223.66 million, a PE ratio of -27.79 and a beta of -0.15.

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

Akita Drilling Company Profile

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.